Oasis and Warehouse slip into administration with 1,800 jobs axed
30 April 2020, 12:26
Clothing chains Oasis and Warehouse are set to close with 1,8000 staff facing immediate redundancy after administrators were unable to find a buyer for the business.
Former HMV owner Hilco Capital has apparently agreed to buy the two fashion brands and their stock - but not their stores.
Administrator Deloitte said that all stores will close indefinitely and online sales will be stopped.
The Oasis Warehouse brand, along with two further brands owned by the company, The Idle Man and Bastyan Fashions, will cause the loss of 1,803 jobs.
Deloitte said it had sold the intellectual property and the company's stock to restructuring expert Hilco Capital, but Hilco had decided not to buy the rest of the business.
Administrator Rob Harding said: "Covid-19 has presented extraordinary challenges which have devastated the retail industry. It is with great sadness that we have to announce a sale of the business has not been possible and that we are announcing so many redundancies today."
He added: "This is a very difficult time for the group's employees and other key stakeholders and we will do everything we can to support them through this.
"We would like to thank all the employees and other key stakeholders in the group for their continued support."