Online retailer Boohoo buys 3 fashion brands from Arcadia, Retail News, ET Retail

London, British on the net vogue retailer Boohoo has purchased 3 clothing brands owned by the collapsed Arcadia retail team for 25.two million kilos (USD 34.five million). Boohoo purchased the inventory and on the net corporations of the Arcadia brands – Dorothy Perkins, Wallis and Burton. The offer did not consist of the brands’ 214 remaining U.K. shops, which will shut, and around two,450 workforce had been advised Monday that their employment have been axed.

Arcadia was extended 1 of the biggest gamers in British retail, but it has struggled with a change in shoppers’ behaviour in the latest several years and the pandemic has dealt a last blow to the business. The team entered administration in December, placing 1000’s of employment on the line.

Very last 7 days on the net vogue huge Asos signed a 330-million-pound offer to buy Arcadia brands Topshop, Topman, Overlook Selfridge and HIIT. The brands will proceed to be sold on the net, but the shops will shut.

Directors have now sold all of Arcadia’s brands, boosting around five hundred million kilos to spend off creditors.

Boohoo, which was launched in 2006, final month also purchased the brand and site of Debenhams, a 240-12 months-previous chain of British office retailers that had been struggling for several years. (AP) IND IND