February 1, 2021 11.04 am This story is over 33 months old

Future bleak for Lincoln Topshop and Topman after Asos takeover

Another High Street casualty

Online fashion retailer Asos has bought the Topshop and Topman brands from Arcadia, but they won’t take on physical stores.

The £295 million deal comes after Sir Philip Green’s Arcadia Group went into administration in November. Administrators have now confirmed that the deal has been completed, but three days earlier than expected.

Asos will acquire the stock and the brands in the deal, but aren’t interested in the stores, leaving Lincoln’s Topshop and Topman stores in jeopardy.

Lincoln’s stores have only been open in the Waterside Shopping Centre for two and a half years, but could be about to close for good due to Asos’ lack of High Street presence.

As well as Topshop and Topman, Asos will buy out the Miss Selfridge and HIIT brands as part of a “significant opportunity” for global growth.

Around 300 people from the brands will move over to Asos, but about 2,500 jobs are now at risk as a result of the looming store closures.

Asos is the second online retailer in a week to buy out a High Street brand, after Boohoo bought Debenhams for an estimated £55 million, with the physical stores also set to close.