FASHION retailers Oasis and Warehouse stores won’t reopen after the coronavirus lockdown is lifted putting more than 1,800 employees out of work.
Administrators were unable to rescue the company behind the brands and blames the “extraordinary challenges” the pandemic has put on the retail industry.
Hilco Capital, the former owner of HMV, is understood to have bought both brands and all of their stock but the deal doesn’t include any of the fashion retailers’ stores or online operations.
All 92 branches and 437 department store concessions are currently closed under government orders for all non-essential retailers to shut up shop to stop the spread of coronavirus.
But the stores won’t reopen even after the lockdown is lifted.
It’s understood that staff were told this morning that they wouldn’t receive their statutory redundancy pay, reports Sky News.
The struggling retailer stopped trading online last Wednesday, even though it is allowed to under current lockdown rules.
It blamed the rising cost of fulfilling online orders and associated logistical challenges associated with the lockdown, such as implementing social-distancing rules.
Rob Harding, joint administrator at Deloitte, said: “COVID-19 has presented extraordinary challenges which have devastated the retail industry.
“It is with great sadness that we have to announce a sale of the business has not been possible and that we are announcing so many redundancies today.
“This is a very difficult time for the group’s employees and other key stakeholders and we will do everything we can to support them through this.”
It’s the latest victim on the high street that’s fallen due to the pandemic’s impact on the economy.
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