More retail gloom as fashion giants go into administration

HIGH-STREET fashion giants Oasis and Warehouse have both gone into administration.

The move affects 2,000 workers across a total of 92 branches while they also have 437 concessions in other stores.

The stores, which both have branches in Cardiff city centre, have been dealt a “devastating” financial hit by the coronavirus lockdown, administrators said.

The majority of staff will remain furloughed for now but 200 were made redundant yesterday by Deloitte as administrators try to find a buyer. Online trading continues “in the short term”, the company added.

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.”

The brands are owned by Icelandic bank Kaupthing, which had been looking to sell the businesses before the outbreak of the coronavirus pandemic. But with shops forced to close their doors during the ongoing lockdown the mooted sales never happened.

Rob Harding, joint administrator at Deloitte, 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.”

The chains have hundreds of concessions in stores like Selfridges and Debenhams. The coronavirus crisis has already seen Flybe collapse and Carluccio’s and BrightHouse have also closed their doors. Other businesses are hoping to be able to reopen when the lockdown is lifted.