High street retailers Oasis and Warehouse are reportedly on the brink of collapsing into administration, putting more than 2,000 jobs at risk.
The fashion chains are set to appoint Deloitte as administrator as soon as this afternoon or tomorrow, Sky News reported, making them the latest casualty of the coronavirus crisis.
The Oasis and Warehouse Group recently launched discussions with potential buyers and there was reportedly strong interest in a deal.
However, the uncertainty caused by the coronavirus pandemic has made a sale impossible, the broadcaster reported.
Deloitte is expected to continue to seek a sale.
Oasis and Warehouse, which are currently owned by Icelandic lender Kaupthing, employ around 2,300 people in the UK.
Administrators are expected to use the government’s job retention scheme to furlough the majority of employees that keep their jobs.
The expected appointment of Deloitte comes after high street department store Debenhams fell into administration last week.
The UK high street has come under unprecedented pressure after the government ordered the closure of all non-essential retailers due to the outbreak of coronavirus.
Warehouse and Oasis launched a plan to reduce costs last September, putting staff under threat of redundancy.
City A.M. revealed that staff were told their hours could be cut, in some cases by up to half, with some senior store positions demoted to sales advisor roles.