Stocks slump as GameStop trading frenzy spooks investors – business live | Business

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08:39

Spain & France: GDP better-than-expected in Q4

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08:20




Pedestrians walk past closed-down Topshop and Wallis clothes stores in central London.

Pedestrians walk past closed-down Topshop and Wallis clothes stores in central London. Photograph: Hollie Adams/AFP/Getty Images

In other news this morning, fast fashion retailer Boohoo confirmed it has entered into exclusive talks to buy the Dorothy Perkins, Wallis and Burton brands from Sir Philip Green’s fashion empire, Arcadia Group, which collapsed into administration last year.

It has reportedly offered £25m for the trio of brands, but in an official statement, the company said:


These discussions may or may not result in agreement of a transaction. A further announcement will be made when appropriate.

The development comes days after Boohoo paid £55m to buy the 243-year old Debenhams brand in a deal that will result in the chain’s remaining 118 high street stores disappearing and the likely loss of 12,000 jobs.

Boohoo is expected to take the same approach and shut all Dorothy Perkins, Wallis and Burton high street store, keeping few existing staff.

Administrators have been seeking buyers for parts of Arcadia Group, which as a whole employed 13,000 staff and had 500 stores across the UK, since November.

Evans, its plus-size clothing brand, was sold to City Chic Collective, an Australian retailer, for £23m.

On Monday, the online fashion retailer Asos entered exclusive talks to buy the Arcadia brands Topshop, Topman, Miss Selfridge and HIIT. Topshop, Arcadia’s prime asset, could fetch between £250m and £300m.











08:05

European shares tumble at market open











07:57

Introduction: Stocks drop as retail frenzy prompts investor caution

Updated

Hafta Ichi
Source: The Guardian
Keyword: Stocks slump as GameStop trading frenzy spooks investors – business live | Business

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