ASOS has agreed to buy Topshop, Topman and Miss Selfridge - but their 70 stores, including one in Milton Keynes, are not included in the deal.
The online retailer is paying a total of £330m for the brands, plus stock currently held and on order, following the collapse of Sir Philip Green's Arcadia retail empire late last year.
In 2020, the Outfit store at MK1 in Bletchley, which was also part of the Arcadia group, was forced to close.
And now, the main Topshop store in intu Milton Keynes is looking like it will follow suit.
Topshop Milton Keynes is a two-floor shop that has women's clothing on the ground floor, with Topman on the first floor.
ASOS's buyout deal states that around 300 total employees will transfer to the new owners but it spells a bleak future for those working in the nationwide stores, which are all expected to close permanently.
The transaction, which also includes leisurewear brand HIIT, is expected to be completed later this week.
ASOS said: "These are strong brands that resonate well with our core customer base."
Nick Beighton, Chief Executive, added: "We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands.
"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."
Boohoo, which has also thrived during the pandemic, is lining up a deal to buy the remainder of the empire, confirming last week it was in exclusive talks to buy the Dorothy Perkins, Burton and Wallis brands - but again would see stores left out.
Separately, Boohoo has paid £55m to acquire the brand of collapsed department store chain Debenhams in a transaction which will see 118 stores close with the loss of more than 10,000 staff.
READ MORE: Closure of Debenhams in Milton Keynes could 'draw people to Bedford'
