Icelandic investor Kaupthing has placed its UK-based fashion brands, Oasis and Warehouse, into administration, putting nearly 100 stores at risk of closure and threatening nearly 2,000 job losses.
Adminstrators from Deloitte said 202 staff would be made redundant with a further 1,800 placed on furlough under the government’s emergency job-protection scheme. The brands operated from 92 leasehold stores with another 437 concessions in department stores and other retailers.
Joint administrator Rob Harding said:“Covid-19 has had a devastating effect on the entire retail industry and not least the Oasis Warehouse group. Despite management’s best efforts over recent weeks, and significant interest from potential buyers, it has not been possible to save the business in its current form.”
In an effort to clear stock the Oasis, Warehouse and Idle Man brands will continue to trade online.
At the same time South African investor Truworths International has hoisted the for-sale sign over footwear retailer Office. It has appointed Alvarez & Marsal to find a buyer for the 130-store chain, although and administration has not been ruled out.