World News

UK fashion retailer Oasis Warehouse group falls into administration

LONDON (Reuters) – British fashion brands Oasis and Warehouse have fallen into administration, threatening over 2,000 jobs and joining a growing list of store groups pushed over the edge by the coronavirus crisis.

Deloitte, appointed as administrator to the Oasis Warehouse group owned by Icelandic bank Kaupthing on Wednesday, said that 202 of the retailers’ employees would be made redundant, 1,801 furloughed and 41 head office staff retained.

The brands trade from 92 branches across the Oasis Warehouse group’s leasehold stores, with 437 concessions located in third party retailers.

“COVID-19 has had a devastating effect on the entire retail industry and not least the Oasis Warehouse group,” said joint administrator Rob Harding.

“Despite management’s best efforts over recent weeks, and significant interest from potential buyers, it has not been possible to save the business in its current form.”

Deloitte said the Oasis, Warehouse and Idle Man brands will continue to trade online whilst options for the future are assessed.

The group’s demise follows last week’s administration of department store chain Debenhams and that of Laura Ashley in March.

(Reporting by James Davey. Editing by Jane Merriman and Elaine Hardcastle)

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