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Oasis and Warehouse close to collapsing into administration – The Guardian, Theguardian.com

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Oasis and Warehouse close to collapsing into administration – The Guardian, Theguardian.com
The Icelandic bank Kaupthing took control of Oasis and Warehouse in when the former parent group Mosaic collapsed into administration. Photograph: Kumar Sriskandan / Alamy The fashion chains Oasis and Warehouse are to collapse into administration as early as Tuesday, putting about 2, jobs at risk. The advisory firm Deloitte will handle the insolvency process for the companies, which, until the coronavirus lockdown, operated 99 standalone stores and more than concessions in department stores including Debenhams and House of Fraser The business, which is controlled by the Icelandic bank Kaupthing, had been seeking a new investor to take on the fashion chains. At least two prospective buyers are thought to have come forward but a deal is unlikely to be finalized before the imminent administration.

Uncertainty around the coronavirus crisis is understood to have made a solvent sale impossible to conclude, according to Sky News.

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Oasis and Warehouse’s stores in the UK all temporarily last month under the government lockdown aimed at controlling the spread of coronavirus.

They continue to trade online. Staff are understood to have remained on full pay, and were not furloughed ahead of the insolvency process.

The talk of administration comes only days after Debenhams , a major stockist of Oasis and Warehouse fashions, also called in administrators as clothing retailers struggle to survive the high street shutdown.

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