Fast fashion retailer Boohoo has entered talks to buy Dorothy Perkins, Wallis and Burton brands.
All three brands form part of the now bankrupt Arcadia Group, which fell into administration last year.
Boohoo appears to be reaping the opportunities that have emerged from traditional brick and mortar retail stores’ pandemic-related woes, after it paid £55 million (€62 million) to buy Debenhams. The deal will see Debenhams’ remaining 118 UK high street stores disappear, and the likely loss of around 12,000 jobs.
It is being reported that the fast-fashion retailer has offered £25m (€28.3m) for Arcadia Group’s Dorothy Perkins, Wallis and Burton brands, and will take the same approach by shutting all related stores.
As reported by the Guardian, Boohoo confirmed “that it is in exclusive discussions with the administrators of Arcadia over the acquisition of the Dorothy Perkins, Wallis and Burton brands”.
“These discussions may or may not result in agreement of a transaction. A further announcement will be made when appropriate.”
Boohoo owns popular brands such as Pretty Little Thing and Nast Gal, and has already purchased Oasis, Coast and Karen Millen brands out of administration, but not their respective high street stores.
On Monday, online fashion giant Asos entered talks to buy Arcadia’s Topshop, Topman, Miss Selfridge and HIIT brands.
The collapse of SVB was the second-largest banking failure in US history
The proposal would grant consumers rights beyond the legal warranty
The nickel was bought by the bank from the London Metals Exchange