Thousands of jobs at risk as Asos strikes Arcadia deal

Thousands of jobs remain at risk after online fashion retailer Asos struck a £295m deal to buy four brands from failed retail group Arcadia.

Asos is buying the Topshop, Topman, Miss Selfridge and HIIT brands, but not the shops.

Sir Philip Green's Arcadia group fell into administration in November last year, casting doubt over the future of its brands and 13,000 jobs.

Asos is paying £265m for the brands and a further £30m for the stock.

About 300 people currently employed by the brands in design, buying and retail partnerships will transfer to Asos, but a question mark hangs over thousands more jobs.

About 70 stores with 2,500 employees are expected to close.

Within the past few weeks 50 stores have already closed, with the loss of about 2,000 jobs.

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