Asos confirms takeover of Topshop - but are local stores still set to close?

The takeover of a fashion retailer which has stores across Suffolk and north Essex has been completed. 

Asos has confirmed it has sealed the takeover of Topshop and three other brands from the collapse of the Arcadia retail empire for £265 million.

The online fashion retailer has bought the Topshop, Topman, Miss Selfridge and HIIT brands from administrators.

Topshop and Topman have stores in the Sailmakers Shopping Centre in Ipswich and in The Arc at Bury St Edmunds. They also have two stores in  Colchester.

No mention has been made of the fate of the physical shops owned by the brand, but the shops are not expected to open following lockdown. 

Across the UK, the closure of Topshop's stores are expected to result in 13,000 job losses. 

Asos chief executive Nick Beighton said: “We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands.

“The acquisition of these iconic British brands is a hugely exciting moment for Asos and our customers and will help accelerate our multi-brand platform strategy.

“We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world.”