UK fashion retailers Oasis and Warehouse will permanently close all their 92 stores and online shopping after administrators said they had been unable to secure a rescue deal for the fashion chains. This will result in the loss of over 1,800 jobs. Certain stock and intellectual property assets associated with the group will be acquired by Hilco Capital.
The 1,800 people now being made redundant have been on furlough under the government’s job retention scheme and the administrators said payment to them would not be made until the government releases funds meant for that.UK fashion retailers Oasis and Warehouse will permanently close all their 92 stores and online shopping after administrators said they had been unable to secure a rescue deal for the fashion chains. This will result in the loss of over 1,800 jobs. Certain stock and intellectual property assets associated with the group will be acquired by Hilco Capital.#
A further 42 head office staff remain in post under the administrators but their jobs remain at risk, according to British media reports. Oasis and Warehouse called in administrators earlier this month and made 200 head office staff redundant without any payoff.
The temporary enforced closure of clothing chains and other retail outlets deemed ‘non-essential’ under government efforts to prevent the spread of the novel coronavirus has added to the problems.
In the past few months, Debenhams has fallen into administration for the second time in a year while vintage-inspired chains Laura Ashley and Cath Kidston have also called in administrators. Some others like footwear specialist Office, whose South African owner Truworths is urgently seeking a buyer, are also under pressure.
Fibre2Fashion News Desk (DS)
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