Topshop, Topman & Miss Selfridge go digital only
Sir Philip Green has sold Topshop, Topman and Miss Selfridge to online brand ASOS.
The deal, which cost £330 million, is set to be completed by the end of this week.
After that, websites for the above brands will automatically redirect to ASOS.
Along with buying the brands, ASOS will acquire any leftover and future stock.
The retailer will also take on 300 current Arcadia Group staff.
However, the deal does not include any physical shops leaving 2,500 people at risk of losing their jobs.
It has not been made clear if we'll see the physical shops open after lockdown to shift stock.
With the deal looking set to close on Thursday, it's looking unlikely that any locations will reopen once restrictions are lifted.
This news comes as the Arcadia Group, which as well as the above also owns Burton, Dorothy Perkins and Wallis, collapsed into administration on 30th November 2020.
Online retailer Boohoo is said to be in exclusive talks to purchase Burton, Dorothy Perkins and Wallis.
