Arcadia’s fashion brand Evans has been sold to Australian firm City Chic Collective for GBP23mln.
Administrators Deloitte said the deal does not include the plus-sized clothier’s store network, though shops will “continue to trade for the time being”.
The buyer, which also serves the plus-sized segment, is snapping up the brand and intellectual property, its customer base and inventory in a deal expected to complete on Wednesday.
The brand has five standalone stores, Sky News reported, while the e-commerce and wholesale arms generated GBP23mln and GBP5mln sales in the year to August, respectively.
“The process to secure new owners for the other Arcadia Group brands is ongoing. There have been significant expressions of interest for all brands,” Deloitte said.
In fact, giants such as Frasers Group PLC (LON:FRAS), NEXT PLC (LON:NXT), boohoo Group PLC (LON:BOO) and Chinese fast-fashion powerhouse Shein are reportedly in talks to take over some of Arcadia’s brands.
The administrators have received around 30 expressions of interest, the Daily Mail reported.
The group, which collapsed into administration at the end of November putting 13,000 jobs at risk, owns popular high street names Topshop, Burton and Miss Selfridge.
The deadline for the first round of bids was Sunday, meaning the future of Arcadia could take shape as early as this week.