The statement confirms that creditors are likely to receive only a small portion of the money owed.
The Green familyâs Aldsworth Equity, however, is set to receive a £50m payout. The money is owed on an interest-free loan Aldsworth made to the group in 2019 at the time of an emergency restructure.
By contrast, more than 1,000 suppliers to the high street fashion chain are set to get less than 1% of the money owed to them
The worst-case scenario calculations put the combined deficit in Arcadiaâs three pension schemes at £150m more than previously estimated. This is despite £100m paid into the schemes by the Green family over the past two years.
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IT teams at Asos.com face absorbing massive stock and brand data in the company s £295m acquisition spree while at the same time finishing a global retail e-commerce system project.
The day after the go-live deadline for the online fast-fashion retailer s new Truly Global Retail (TGR), the company announced the acquisition of high-street brands Topshop, Topman, Miss Selfridge, and HIIT from failed retail group Arcadia in a deal worth £295m.
Asos said it will use its existing warehouse and technology infrastructure to absorb the stock – annual revenue at Topshop alone has been around £800-900m in the last few years. In a statement, the online-only retailer said it would be transforming the digital experience through full integration into the ASOS platform.
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ASOS has bought Topshop, Topman, Miss Selfridge, and HIIT for £265 million ($364 million).
The brands were part of the Arcadia Group, which fell into administration in December.
They generated a combined £1 billion ($1.4 billion) in revenues in 2019, falling to £265 million ($364 million) in 2020 during the pandemic.
British fast-fashion giant ASOS has bought Topshop, Topman, Miss Selfridge, and HIIT for £265 million ($364 million), it announced Monday.
The brands were part of fashion tycoon Philip Green s Arcadia Group, which fell into administration in December.
British online fashion retailer
ASOS is on the verge of a deal to buy Topshop and Miss
Selfridge from the administrators of British tycoon Philip
Green s Arcadia Group for almost 300 million pounds. | February 4, 2021