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Retail bid interest

Boohoo and Asos poised for double swoop on high street

Debenhams and Top Shop in sights of bidders

Online retailers are expected to make a double swoop on some of Britain’s best-known high street chains.

Fashion business Boohoo is poised to acquire collapsed department store group Debenhams in a cut-price deal that will result in the closure of the group’s remaining department stores, it has been claimed.

It is expected to pay about £50 million, said the FT. Debenhams said in December it would be wound down, closing all its shops after 242 years in business and putting 12,000 jobs at risk.

Asos has emerged as a major contender in the race to buy Sir Philip Green’s Topshop. It has bid more than £250m, and is up against foreign bidders, Shein and Authentic Brands.

This is thought to be below a bid from Chinese firm Shein which will retain some stores, while Asos has no plan to take on any.

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