More than 1,800 jobs are set to be lost at Oasis and Warehouse

More than 1,800 jobs are set to be lost at Oasis and Warehouse as administrators blame coronavirus for woes of High Street chains

  • The brands are owned by the failed Icelandic bank Kaupthing
  • It’s reported Hilco Capital, former owner of HMV, is buying brands plus stock 
  • Here’s how to help people impacted by Covid-19

More than 1,800 jobs are set to be lost at Oasis and Warehouse as administrators said they were unable to rescue the company behind the brands. 

The brands, which are owned by the failed Icelandic bank Kaupthing, also have 437 concessions in department stores including Debenhams and Selfridges. 

Deloitte, the accountancy firm, was appointed to handle an insolvency process earlier this month. 

More than 1,800 jobs are set to be lost at Oasis and Warehouse as administrators said they were unable to rescue the company behind the brands

Sky News reported that Hilco Capital, the former owner of HMV has agreed to buy the brands, along with Idle Man, but not the stores.

Stock from their hundreds of outlets across the UK will be bought by Hilco. 

Staff are also reportedly not receiving statutory redundancy pay.

Sky News reported that Hilco Capital, the former owner of HMV has agreed to buy the brands, along with Idle Man, but not the stores.

In a statement the Joint administrator at Deloitte, Rob Harding, blamed coronavirus for the stores’ demise: ‘COVID-19 has presented extraordinary challenges which have devastated the retail industry.

‘It is with great sadness that we have to announce a sale of the business has not been possible and that we are announcing so many redundancies today.

 

 

  

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