The group behind fashion chains Oasis and Warehouse has appointed administrators from Deloitte, putting 92 stores at risk of closure.
The retailers’ combined leasehold portfolio covers around 240,000 sq ft, excluding concessions, according to Radius Data Exchange.
The group includes Oasis Fashions, Warehouse Fashions, The Idle Man and Bastyan Fashions. The administration will result in 202 redundancies.
Oasis, Warehouse and The Idle Man brands will continue to trade online in the short-term, while Deloitte reviews options for the future.
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. Therefore today it has been placed into administration.
“As administrators we appreciate the co-operation and support from the management, employees, customers, landlords and suppliers, while we investigate options for the business. This is clearly an unprecedented and difficult time.”
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 business, controlled by failed Icelandic bank Kaupthing, had been in talks with prospective new investors over the past few weeks.
The lender had initially taken control of Oasis and Warehouse in 2009, when former parent group Mosaic fell into administration.
Mosaic also owned retail chains Coast and Karen Millen, which closed their shops permanently last year after online retailer Boohoo rescued both brands.
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