Yahoo Finance 2,000 jobs at risk as Oasis and Warehouse collapse into administration
The fashion chains Oasis and Warehouse have collapsed into administration, with more than 200 workers losing their jobs and more than 1,800 others at risk.
Deloitte confirmed on Wednesday afternoon they had been called in as administrators, and warned of the “devastating effect” of the coronavirus pandemic on the retail industry.
202 staff across 92 stores and 437 concession branches have already been made redundant, with the rest currently furloughed under the government’s scheme to protect jobs during the crisis.
Online trading is ongoing “in the short term whilst the administrators assess options for the future,” with 41 head office staff have been kept on to help the administrators.
They became the latest in a string of household names to hit the wall as COVID-19 has exacerbated the woes of an already ailing high street.
“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,” Rob Harding, joint administrator at Deloitte.
READ MORE: Amazon founder Jeff Bezos’ wealth soars by $24bn during pandemic
Struggling fashion chains Oasis and Warehouse have collapsed into administration as the latest high street names to fail during the coronavirus lockdown.
Hash Ladha, chief executive of Oasis Warehouse, said: “This is a situation that none of us could have predicted a month ago, and comes as shocking and difficult news for all of us.
“We as a management team have done everything we can to try and save the iconic brands that we love.”
Debenhams went into administration for the second time in a year last week. Its 142 stores were already closed and most of the 22,000 members of staff on furlough before the owners pushed the business into administration, according to PA.
The government’s lockdown on retailers classed as “non-essential” threatens the survival of many firms, with their income collapsing overnight and no end of the tunnel in sight. But it hopes its unprecedented package of state-guaranteed loans, business rate holidays, grants and wage support can help keep many companies afloat to ride out the crisis.
