The UK business of lingerie retailer Victoria’s Secret has fallen into administration, putting more than 800 jobs at risk.
All of Victoria’s Secret’s 25 UK stores are currently closed due to the coronavirus lockdown, with 785 employees on furlough.
Deloitte, which was appointed as administrator today, said no redundancies have been made while it searches for a buyer for the chain.
It described the process as a “light touch” administration, saying no stores have been permanently closed, although they will remain shut during the UK lockdown.
Victoria’s Secret will now attempt to find a buyer or renegotiate rents. The online business is not affected by the administration proceedings.
“This is yet another blow to the UK high street and a further example of the impact the COVID-19 pandemic is having on the entire retail industry,” Deloitte administrator Rob Harding said.
“The effect of the lockdowns, combined with broader challenges facing bricks and mortar retailers, has resulted in a funding requirement for this business, resulting in today’s administration.
“We will now work with the existing management team and broader stakeholders to assess all options available for the future of the business. As administrators we’d like to thank them and all of the employees for their support, at what we appreciate is a difficult time.”