BOOHOO has bought Dorothy Perkins, Burton and Wallis from Sir Philip Green’s Arcadia Group in a deal that is expected to close 214 shops forever.
The takeover, confirmed today in a deal worth £25.2million, also puts 2,450 store jobs from all three brands at risk of redundancy.
1
It comes after Sir Philip Green’s retail empire collapsed into administration in November following “severely impacted” sales.
John Lyttle, CEO of Boohoo, said: “We are delighted to announce the acquisition of the assets associated with the online businesses of the three established brands Burton, Dorothy Perkins and Wallis.
“Acquiring these well-known brands in British fashion out of administration ensures their heritage is sustained, while our investment aims to transform them into brands that are fit for the current market environment.”
Mahmud Kamani, executive chairman, said: “This is a great acquisition as we extend our market share across a broader demographic, capitalising on growth opportunities as more and more customers shop online.
“We continue to grow our portfolio of brands and customer base, strengthening our position as a leader in global fashion e-commerce.”
SUN SAVERS
Make your money stretch even further by stocking up on these supermarket staples
BENEFITS BOOST
Universal Credit & other benefits rise in April – here’s how much you’ll get
HOLIDAY BLUES
Lastminute.com misses deadline to refund customers for cancelled holidays
SNOW WAY
How to get help paying your energy bills as snow hits
CHILD’S PAY
Parents have lost out on £6.8billion since the child benefit cap was introduced
PIZZA THE ACTION
How to get £25 worth of Domino’s pizza for just £2.50 this weekend
More to follow…
For the latest news on this story keep checking back at Sun Online.
Thesun.co.uk is your go to destination for the best celebrity news, football news, real-life stories, jaw-dropping pictures and must-see video.
Download our fantastic, new and improved free App for the best ever Sun Online experience. For iPhone click here, for Android click here.
Like us on Facebook at www.facebook.com/thesun and follow us from our main Twitter account at @TheSun.
