United kingdom on the internet vogue retailer buys Topshop, a few other manufacturers

LONDON (AP) — On-line style seller Asos suggests it has purchased Topshop, which at the time boasted patterns by Kate Moss and Beyonce, together with a few other models for 265 million pounds ($363 million) as rivals scoop up bargains following the collapse of Britain’s Arcadia retail group.

The offer, announced Monday, puts 1000’s of careers at risk mainly because Asos acquired the Topshop, Topman, Miss Selfridge’s and HIIT models but none of their outlets.

Asos said it designs to preserve only about 300 of the brands’ employees. In addition to the invest in price, Asos said it also planned an additional charge to create stock.

Arcadia, created by controversial retail tycoon Philip Green, went into personal bankruptcy on Nov. 30 as the COVID-19 pandemic shut merchants and accelerated the change to on the web buying, compounding difficulties for a team that was sluggish to embrace the net.

Arcadia is arguably the largest British retailing casualty of the pandemic. Some others this sort of as Debenhams, Edinburgh Woollen Mill and Oasis Warehouse also slid into insolvency soon after lockdown actions were being 1st imposed last year.

Arcadia struggled to react to greater opposition from lower-price tag rivals like Primark, as well as from on the web disrupters this kind of as Asos and Boohoo.

The four models obtained in Monday’s deal posted income of 1 billion lbs, Asos stated.

Boohoo, mentioned last 7 days it was in unique talks to invest in three other Arcadia makes — Dorothy Perkins, Wallis and Burton — in a offer that also won’t consist of any shops.