The multi-brand clothing chain is set to leave many Nottingham locals unemployed in the midst of a global pandemic.
Online giant ASOS has announced they will be purchasing and taking over Topshop in a £330m deal.
The total price included £265m for the brands themselves and £65m for current and future stock.
ASOS’ chief executive Nick Beighton, said: “The acquisition of these iconic British brands is a hugely exciting moment for ASOS and our customers and will help accelerate our multi-brand platform strategy.”
The online merchandiser has announced it will not be taking on any of the physical stores which puts 2,500 jobs at risk across the UK.
As well as Topshop, owners Arcadia, who went into administration last year, have also had to sell Topman and Miss Selfridge.
In Nottingham there are four stores which will leave many retail workers in the community jobless.
As well as these stores in the city’s Victoria Centre, the Four Seasons Shopping Centre in Mansfield will also see the loss of the popular chain.
Across these two areas, hundreds of jobs are expected to be lost.
Because the physical stores are being left behind by ASOS, there is a looming question of what will happen with these premises.
Not only will the workers be affected, but with the ongoing closure of high street stores it is causing unrest on how this will impact local economies.
This sad news comes just a week after the announcement that Debenhams is also being bought by another online super-retailer, Boohoo.
As of February 2, Global Mutual, the owners of the Victoria Centre which was home to a large Topshop store, have released a statement.
Steve Gray, who is the Head of European Retail Asset Management said: “We will provide more of an update on the position of Topshop at Victoria Centre as soon as we are able.
“We are optimistic about the future and have a number of positive dialogues under way with retailers about opening stores at Victoria Centre.”
By Courtney McLaven