The joint administrators to Arcadia have confirmed that the Topshop, Topman, Miss Selfridge and HIIT brands are to be sold to online fashion retailer ASOS. Due to complete on 4 February, the sale will generate total proceeds of £330 million for the benefit of creditors.
ASOS will pay around £295 million for the brands, goodwill and stock on hand. In addition, it will be taking on certain liabilities for forward committed stock orders. The sale does not include the Topshop, Topman and Miss Selfridge store network which includes around 70 leasehold sites.
Under the terms of the transaction, ASOS will acquire the brands, intellectual property and inventory. In addition, approximately 300 employees across design, buying and retail partnerships will transfer to ASOS.
This transaction follows the sale of Arcadia’s Evans brand to City Chic in December for £23 million.
Administrators said they are still working to secure new owners for Burton, Dorothy Perkins and Wallis and are in exclusive discussions with a potential purchaser.