Victoria’s Secret has unfortunately fallen into administration in the UK, which has put more than eight hundred jobs at risk. The US lingerie retailer has appointed Deloitte as the administrator.
Victoria’s Secret spans twenty five stores across the UK and currently employs over eight hundred people, now all of which are currently at risk. Deloitte has stated that it will conduct a ‘light touch’ approach for the administration process as it seeks to find a potential buyer.
“This is yet another blow to the UK high street and a further example of the impact the Covid-19 pandemic is having on the entire retail industry. The effect of the lockdowns, combined with broader challenges facing bricks-and-mortar retailers, has resulted in a funding requirement for this business, resulting in today’s administration.” – Deloitte joint administrator Rob Harding said.
