The closure of "Topshop" garment stores threatens 2,500 jobs

The acquisition of the British "Top Shop" brand of the bankrupt Arcadia Group leads to the closure of 70 stores and the elimination of 2,500 jobs, according to two sources familiar with the file, according to two sources familiar with the file.

This announcement comes in the context of a broader and unprecedented crisis for British stores, which have been overtaken by online transactions and affected by the epidemic, and their bankruptcy is being declared.

Asus acquired the trademarks "TopShop", "Tubman", "Miss Selfridge" and "Heet", in addition to intellectual property and inventory, according to a statement released today, from the Deloitte office that tracks Arcadia's bankruptcy.

A source familiar with the matter pointed out that 70 stores of these brands would not be included in the process, while another source confirmed that this would lead to the abolition of 2,500 jobs.

Asus will pay an amount of 330 million pounds, of which 265 million are for trademarks and 65 million for stocks or goods that have already been ordered.

Asus confirmed the purchase in a separate statement, pledging to continue developing the brands.

"The acquisition of these famous British brands is a very important moment for ASUS and our customers and will help us enhance our plan to offer a multi-brand platform," said Asus General Manager Nick Pigeon.

Arcadia, which employs 13,000 people, declared bankruptcy at the end of 2020, after many companies were affected by the health crisis and closure.

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