Boohoo snaps up Arcadia brands to complete break-up of Green empire
Arcadia fell into administration in November owing creditors hundreds of millions
British business magnate Philip Green. Arcadia’s collapse has been the biggest corporate failure of the Covid-19 pandemic so far. Photograph: EPA
British online fashion retailer Boohoo has bought the Dorothy Perkins, Wallis and Burton brands from the administrators of Arcadia for £25.2 million (€28.7m), completing the break-up of Philip Green’s fallen empire.
Like rival Asos’s purchase last month of Arcadia’s prized Topshop, Topman, Miss Selfridge and HIIT brands, Boohoo’s deal does not include any stores, putting thousands of jobs at risk.
Arcadia fell into administration in November owing creditors hundreds of millions of pounds and threatening more than 13,000 jobs.
Its collapse was the biggest corporate failure of the Covid-19 pandemic so far.
Arcadia’s administrators, Deloitte, sold the Evans brand to Australia’s City Chic for £23 million in December.
Boohoo said the purchase of the three brands was a significant opportunity to grow its market share across a broader demographic.
Last month Boohoo bought the Debenhams brand out of administration for £55 million. That deal also excluded Debenhams’ stores and its 12,000 staff. All Debenhams’ UK stores will permanently close this year. – Reuters