Two of Britain’s high street best known retail outlets Oasis and Warehouse are facing insolvency and appear heading into administration. Sky news reports that both women’s fashion chain are set to appoint Deloitte, an accountancy firm, to commence the insolvency process.
This decision comes less than a month after The Oasis and Warehouse Group, owned by Icelandic lender Kaupthing, had started discussions with potential buyers following an approach from an unnamed company.
While the interest for a deal appeared strong just a few years ago, the uncertainty caused by the pandemic and the retail lockdown has crashed the sale. However, the administration process does not preclude that discussions with potential bidders will be excluded.
The two chains employed 2,300 people in 90 own stores as well as 437 concessions in the UK’s most popualr department stores such as Debenhams and Selfridges.
Read more via Sky News
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