29th Jan 2021 07:01
(Alliance News) - boohoo Group PLC is close to exclusive negotiations to buy the rest of Philip Green's Arcadia brands, Sky News reported Thursday.
Sky said it had learned that boohoo was close to entering exclusive talks for Arcadia's remaining Dorothy Perkins, Burton, and Wallis brands from Arcadia's administrator and a deal may be announced as early as next week provided talks make enough progress.
Citing "insiders", Sky did note that there are "other parties" still interested in all three bands that could snap them up if boohoo talks fail.
Online-only fashion retailer boohoo, Sky noted, reportedly indicated its intention to Deloitte to pay "little more than GBP25 million" for the brands.
https://news.sky.com/story/boohoo-renews-high-street-raid-to-complete-arcadia-break-up-12201642
The news comes just days after Monday's boohoo announcement that it had acquired all of the intellectual property assets of department store Debenhams Retail Ltd for GBP55 million in cash. The deal did not include Debenhams retail stores, stock, or any financial services.
As with the Debenhams deal, boohoo would not be keeping any of the staff or stores trading under Arcadia brands.
Arcadia is in exclusive talks with another online retailer, ASOS PLC, to sell off its other major brands of Topshop, Topman, Miss Selfridge and HIIT.
By Anna Farley; [email protected]
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