BREAKING: Oasis and Warehouse unlikely to survive lockdown as they face administration
Women’s fashion chains Oasis and Warehouse are on the brink of going bust, with 2,300 jobs at risk.
Two of the UK high street’s most well-known brands are expected to appoint big-four auditor Deloitte on today or tomorrow to handle their administration, according to Sky News. It comes as many of the UK’s high street retailers are struggling after being forced to close stores up and down the country due to theDespite the government introducing various financial schemes to provide loans to businesses and make sure furloughed staff are paid, most have not yet received any money.
Just 1% of firms have successfully accessed the Government’s Coronavirus Business Interruption Loan Scheme , which was announced by the Chancellor last month, according to the data from the British Chambers of Commerce. The move will come three weeks after The Oasis and Warehouse Group, owned by Icelandic lender Kaupthing, started talks with prospective buyers.There was understood to be great interest in striking up a deal, the uncertainty of the virus and the effect on the economy, is said to have made a solvent sale impossible to conclude.Visit our live blog for the latest updates:
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