The fast fashion online retailer Asos is the new owner of Topshop and other leading brands in Sir Philip Green's Arcadia empire after closing a deal worth £295 million

The sale also includes Topman, Miss Selfridge and HIIT, which were put up for sale after Arcadia collapsed last year

Only 300 employees will be saved as part of the deal, resulting in the loss of jobs for the rest of the brand staff, including those working in the chain of street shops. Asos, which operates only online, has not bought any of the shops. It paid £265 million for the brands and £30 million for the stock.
The online retailer, which confirmed last week that it was in exclusive negotiations with Arcadia managers after the Guardian first unveiled the negotiations, will complete the acquisition on Thursday.