High street retailers Oasis and Warehouse have today fallen into administration, resulting in the loss of 202 jobs.
In total, 41 head office jobs will be retained to assist Deloitte, which has been appointed as administrator, while 1,801 employees will be furloughed.
The Oasis, Warehouse and Idle Man brands will continue to trade online in the short-term whilst the administrators assess options for the future.
The Oasis Warehouse group had attracted “significant interest” from potential bidders, but management were unable to “save the business in its current form”.
Yesterday Sky News reported that the outbreak of coronavirus in the UK had made it impossible to secure a deal.
UK high street stores, which had already been struggling, have faced an unprecedented loss of income after all non-essential retailers were ordered to close during the government’s coronavirus lockdown.
Chief executive Hash Ladha 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.
“On behalf of us all I want to take the opportunity to acknowledge our colleagues for their hard work and dedication. These are amazing brands and the business is full of tenacious, talented and determined people.
“I am confident that my colleagues, together with Deloitte, will find the best outcome for the business. They have my thanks and my best wishes.”