As Boohoo expands by acquisition and battles its way back from supplier scandals, the company has told its UK suppliers that they need to bring all of the work they do for it in-house by early next month.
Boohoo has concluded a deal to buy the remaining Arcadia brands that hadn’t been take over by ASOS and City Chic. It’s paying £25.2m to acquire the three “British heritage brands” out of administration.
A very short statement from Boohoo Group on Friday confirmed that yes, it is interested in buying the remaining brands owned by failed Arcadia, a move that means the entire Arcadia empire going online-only.
There's a new frontrunner in the race to buy Topshop, Topman and Miss Selfridge with Asos being suggested as the lead contender on Saturday evening, which could mean the chances of saving any stores are slim.
Much of the attention around the bidding for Arcadia's brands has been focused on big names such as Boohoo, Frasers, and Authentic Brands too. But reports suggest as many as 40 parties have registered their interest.
The Arcadia administrators have reportedly put a price of around £200 million on its star chain Topshop, with attempts to get a deal signed pre-Christmas. That could mean initial bids being filed within the next week.
Shoppers have shunned physical stores to avoid catching Covid-19, and accelerated a shift to online shopping that was underway before the pandemic. The effects are being felt throughout Britain's high streets.