Rob Harding and Richard Hawes, restructuring partners at ‘Big Four’ accountancy firm Deloitte, have been appointed as joint administrators to Oasis and Warehouse Limited, Oasis Fashions Limited, Warehouse Fashions Limited, The Idle Man Limited and Bastyan Fashions Limited by the companies’ directors.
The group, which is owned by Icelandic lender Kaupthing, employed over 2,000 people in total in the UK at the time of the appointment and the announcement will result in 202 redundancies. A total of 41 head office roles will be retained to assist the administrators and 1,801 employees will be furloughed across head office, stores and concessions.
The Oasis, Warehouse and Idle Man brands will continue to trade online in the short-term whilst the administrators assess options for the future.
Harding 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. Therefore today it has been placed into administration.”
He added: “As administrators we appreciate the cooperation and support from the management, employees, customers, landlords and suppliers, whilst we investigate options for the business. This is clearly an unprecedented and difficult time.”
Hash Ladha, CEO 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.
“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.”
According to Sky News, it comes after a potential sale of the business to an unnamed company was prevented due to the coronavirus outbreak.
The group currently operates around 90 standalone stores and 437 concessions around the UK and employs around 2,300 people.