Boohoo buys chain’s brand and Asos interested in parts of Arcadia Group
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More than 20,000 high street jobs are at risk after the online retailer Boohoo bought the Debenhams brand and its rival Asos said it was poised to buy Topshop.
Debenhams, which traces its roots back to 1778, will disappear from the high street with the likely loss of up to 12,000 jobs after the £55m Boohoo deal, which does not include the department store chain’s high street operation. As part of the deal, Boohoo will buy the retailer’s Maine, Mantaray, Principles and Faith labels, while Debenhams’ remaining 124 stores will be permanently closed once they are allowed to reopen in order to sell off stock.