Cheltenham and Gloucester’s Topshop and Miss Selfridge stores are closing permanently, after online fashion giant, ASOS, acquired the brands from Arcadia in a £295 million deal.
The high street stores, including those in Cheltenham and Gloucester, have been temporarily closed during lockdown and it’s now been confirmed that they will not reopen.
In a letter to its investors on Monday 1 February 2021, ASOS announced that it had acquired Topshop, Topman, Miss Selfridge and HIIT brands with a plan to use its ‘market leading capabilities to drive growth globally and accelerate ASOS Brands strategy’.
ASOS said it planned to ‘transition’ 300 staff in design, buying and retail partnerships but made no mention of what would happen to staff working in high street stores.
An official statement from Arcadia’s administrators, Deloitte, confirmed the buyout would be completed on Thursday 4 February 2021, saying that ASOS would take over the brands, existing stock and ‘certain liabilities for forward committed stock orders’ but would permanently close the 70 Topshop, Topman and Miss Selfridge stores.
Run by Sir Philip Green, Arcadia went into administration on Monday 30 November 2020, stating a slump in sales due to the Covid-19 pandemic. It is still seeking a buyer for Burton, Dorothy Perkins and Wallis.
