Around 2,300 jobs are at risk amid reports that women’s fashion chains Oasis and Warehouse are preparing to slide into administration. The retailers are expected to appoint big four auditor Deloitte either today or tomorrow to run the insolvency process.
First reported by Sky News, the administration comes as many retailers struggle after being forced to close stores as part of a government-mandated lockdown to the coronavirus pandemic. It also comes three weeks after The Oasis and Warehouse Group began exploring a sale of the business and drafted in advisers from Deloitte to hold conversations with potential buyers.
Although there is understood to have been strong interest, the unprecedented uncertainty from the pandemic reportedly made a sale impossible to conclude. However, Sky News said talks were expected to continue with potential bidders after Deloitte’s appointment is confirmed.
