Pictures show Topshop at The Bridges stripped bare as retailer closes all stores
Pictures of Sunderland’s Topshop store has been stripped bare after ASOS confirmed it had sealed the takeover.
On Monday, February 1, ASOS confirmed it had sealed the takeover following the collapse of the Arcadia retail empire in a £295 million deal.
The online fashion retailer is buying Topshop, Topman, Miss Selfridge and HIIT, after Sir Philip Green’s retail group fell into administration in November last year.
Like many store across the country, the fashion store in The Bridges Shopping Centre has been stripped bare.
Administrators for Arcadia said that ASOS has paid an additional £65 million for current and pre-ordered stock, and it will take on around 300 employees as part of the deal, but this will not include any of the brand’s stores.
Karen Eve, centre director at The Bridges, said: “It’s very sad news that a long-standing brand like Topshop will no longer exist on high streets up and down the country and this has a massive effect on not only the local economy, but also on the many people who will be losing their jobs.
“The fact that another well known name will only be available online is a blow, but it does give us the opportunity to now actively move forward and look for other, diverse retailers to occupy this space and we are making every effort to bring these brands to the city.”
What does the takeover mean?
ASOS said its acquisition of the four brands will “resonate” with its core customer base of “20-somethings” in the UK, and it saw a “significant opportunity” to drive further growth from these globally.
The online retailer has seen strong sales throughout the pandemic and is already one of the biggest wholesalers for the brands that it has acquired.
The deal is expected to complete on February 4, but neither ASOS nor the administrators have yet made any mention of the staff who worked for the group, nor what will happen to their jobs. Around 2,500 shop workers face uncertainty over their future employment.
Evans, another of Arcadia’s brands, was bought by Australia’s City Chic in December in a deal worth £23 million.
However, other brands in the retail group have not yet been sold, including Dorothy Perkins, Wallis and Burton.