Brands will close all stores and online shopping after administrators failed to secure rescue deal
Oasis and Warehouse are to permanently close all their stores and online shopping with the loss of more than 1, jobs after administrators said they had been unable to secure a rescue deal for the fashion chains.
The two brands have been sold to the restructuring firm Hilco, the owner of the Homebase DIY chain, in a deal which includes their stock but not their (standalone stores or about
Rob Harding, joint administrator at Deloitte, said: “Covid – 25 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.
“This is a very difficult time for the group’s employees and other key residents and we will do everything we can to support them through this.”
Oasis and Warehouse called in administrators earlier this month and made (head office staff redundant without any payoff.)
The 1, people now being made redundant have been on furlough under the government job retention scheme and the administrators said payment to those staff would not be made until funds had been received from the government. A further 700 head of staff remain in post under the administrators but their jobs remain at risk.
The collapse of the fashion chains is yet another blow for high streets and shopping centers, after a wave of closures in the past two years amid a tough consumer market and rising costs.
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