Fashion groups Oasis and Warehouse go into administration
16 Apr 2020
High street fashion chains Oasis and Warehouse have become the latest retail casualties during the coronavirus crisis, appointing Deloitte to handle the group’s administration, which has seen 200 redundancies and 1,800 employees furloughed
16 Apr 2020
Rob Harding and Richard Hawes, restructuring partners at Deloitte, have been appointed as joint administrators to Oasis and Warehouse Ltd, Oasis Fashions Ltd, Warehouse Fashions Ltd, The Idle Man Ltd and Bastyan Fashions Ltd by the companies’ directors.
There are 202 redundancies with immediate effect at the group, which employs over 2,000 people around the UK. 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.
Rob Harding, joint administrator and Deloitte partner, 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. Therefore today it has been placed into administration.
‘As administrators we appreciate the cooperation and support from the management, employees, customers, landlords and suppliers, whilst we investigate options for the business. This is clearly an unprecedented and difficult time.’
Headquartered in London, the group sells womenswear under the brand Oasis, womenswear and menswear under the brand Warehouse, and menswear through an online clothing business, The Idle Man. The brands trade from 92 branches in leasehold stores, with 437 concessions located in third party retailers.
Oasis, Warehouse and Idle Man brands will continue to trade online in the short-term whilst the administrators assess options for the future.
The companies form part of part of the Aurora Fashions group owned by Icelandic bank Kaupthing, which had been in talks with prospective buyers for Oasis and Warehouse in recent weeks, but the uncertainty caused by the pandemic is believed to have affected the chances of a sale.
Hash Ladha, CEO 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.’
The group’s operations in Ireland, Sweden and worldwide franchise partners remain outside of the administration appointment.
Earlier in the coronavirus pandemic, household name brands Laura Ashley and Debenhams also announced they were going into administration.