Three more highly popular stores face permanent closure in Milton Keynes city centre

ASOS has bought the trio of businesses from Sir Philip Green's Arcadia Group, it has been announced today.

The £295m deal covers the brands and leftover stock - but, as ASOS only sells online, it does not include the physical stores.

It is now expected that 70 UK shops, including those at intu MK, will close down. It is not yet clear if the shops will reopen after lockdown for a period to shift stock, but in the meantime the Topshop, Topman and Miss Selfridge websites remain open for home delivery orders until the deal is completed at the end of the week.

It is expected a large number of jobs will be lost.

The buyout comes after Sir Philip Green's retail empire collapsed into administration in November due to the impact of online shopping and Covid.

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.

"We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world."