Boohoo confirms ‘exclusive’ talks to buy three Arcadia brands
Written by Hit Music Radio News on 29/01/2021
Boohoo, the online retailer which snapped up the Debenhams brand this week, has confirmed “exclusive” talks to buy remnants of Sir Philip Green’s Arcadia empire.
Sky News reported on Thursday night that Boohoo was leading the race for the Dorothy Perkins, Wallis and Burton brands in a move that would complete the downfall of the tycoon’s sprawling retail interests and result in the closure of all 444 stores.
That is because Boohoo, like fierce rival ASOS which is locked in negotiations over the most valuable parts of Arcadia including TopShop, has no plans to take on any physical sites amid COVID-19 chaos on the high street.
That places 13,000 Arcadia jobs in peril on top of more than 10,000 at Debenhams, which is also set to see stores shuttered once stock clearances are completed ahead of a pure digital future.
Boohoo said on Friday: “The group confirms that it is in exclusive discussions with the administrators of Arcadia over the acquisition of the Dorothy Perkins, Wallis and Burton (excluding HIIT) brands.
“These discussions may or may not result in agreement of a transaction. A further announcement will be made when appropriate.”
© Sky News 2020