British high street fashion retailer Oasis has entered administration, with 200 staff losing their jobs immediately. Professional services firm Deloitte, which is handling a collapse, revealed that a further 1,800 workers have been furloughed.
The Warehouse Group has also entered administration as part of the announcement.
The Oasis and Warehouse Group, which has 92 branches and 437 concessions and is owned by Icelandic lender Kaupthing. They have today announced that they are looking for potential buyers.
Deloitte’s Rob Harding has been appointed joint administrator. He said: “COVID-19 has had a devastating effect on the entire retail industry and not least the Oasis Warehouse group. 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.
“The group employed over 2,000 people in total in the UK at the time of the appointment and today’s announcement will result in 202 redundancies. A total of 41 head office roles will be retained to assist the administrators and 1,801 employees will be furloughed across head office, stores and concessions.”