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very crisis has a pivotal moment, the point when the gravity of the situation hits home.
With our high streets, it was the news breaking that Boohoo was buying Debenhams. Fantastic, slaps on the back all round, that’s 124 stores and 12,000 jobs saved. No, hang on a minute, the fast fashion online purchaser doesn’t want the shops and employees, all Boohoo desires is the name and a website that gets 300 million visits a year.
It’s the same with Arcadia as well. Boohoo is in exclusive talks to buy the ailing retail company’s Dorothy Perkins, Wallis and Burton brands. Another internet success, Asos, is chasing Arcadia’s Topshop, Topman, Miss Selfridge and HIIT for £300m. Again, neither of them are interested in the bricks and mortar outlets, a staple all over the land, and the staff. It’s the brand names and the websites they’re after, that is all.
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