Forty Northern Ireland stores could close after Asos buys up Topshop Topman and Miss Selfridge

The potential closure of over 40 stores across Northern Ireland belonging to Topshop, Topman and Miss Selfridge is “grim news” for staff and neighbouring retailers, who will also feel the impact, it is reported.
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Yesterday morning Asos confirmed it has sealed the takeover of Topshop, Topman, Miss Selfridge and HIIT from the collapse of the Arcadia retail empire for £265 million.

Administrators for Sir Philip Green’s retail group said Asos has paid an additional £65 million for current and pre-ordered stock.

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About 300 people currently employed by the brands in design, buying and retail partnerships will transfer to Asos, but a question mark hangs over some 2,500 store-based jobs.

Topshop Topman store on Princes Street, Edinburgh. 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 is buying Topshop, Topman, Miss Selfridge and HIIT. Issue date: Tuesday December 1, 2020. PA Photo. See PA story CITY Arcadia. Photo credit should read: Jane Barlow/PA WireTopshop Topman store on Princes Street, Edinburgh. 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 is buying Topshop, Topman, Miss Selfridge and HIIT. Issue date: Tuesday December 1, 2020. PA Photo. See PA story CITY Arcadia. Photo credit should read: Jane Barlow/PA Wire
Topshop Topman store on Princes Street, Edinburgh. 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 is buying Topshop, Topman, Miss Selfridge and HIIT. Issue date: Tuesday December 1, 2020. PA Photo. See PA story CITY Arcadia. Photo credit should read: Jane Barlow/PA Wire

One industry source yesterday estimated that some 500 of those could be in Northern Ireland. However, the brands themselves declined to offer any comment.

Asos told investors yesterday morning that it will take on around 300 employees as part of the deal, which will not include any of the brands’ stores.

Arcadia collapsed into insolvency at the start of December after pandemic closures further exacerbated the group’s troubles.

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Glyn Roberts, chief executive of Retail NI, described it as “very grim news”.

He added: “It is another grim loss for Northern Ireland’s high street and the staff of these retailers and their families.

“It is a disturbing new trend. It is almost like asset stripping of some of the largest high street brands. There is also the knock-on impact of the loss of footfall for other retailers around these stores.”

He added: “This is a transition forwards a completely different high street. It will not be easy but we will get there. The Stormont Executive could play its part in this transition by appointing a High Street Task Force.”

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Finn Devlin, who works for Topshop in Victoria Square in Belfast, said his colleagues heard the news yesterday on social media.

He told the BBC the number of people losing their jobs means it will be difficult for them to find new work and that it would leave huge gaps in shopping centres.

“Everyone in the store, we have all been talking on the group chat all morning and we have just been kind of worried and trying to look for jobs for each other and make sure we are all supported through this time,” he said.

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