Oasis and Warehouse have suffered a fresh blow after a clutch of credit insurers stopped offering cover to their suppliers.
A string of insurers, including Euler Hermes, Atradius and Coface, are all reported to have withdrawn cover. But the two retailers insisted they were operating “very much business as usual”.
According to The Evening Standard, the collapse of Oasis and Warehouse’s sister retailer Coast sparked the move, having fuelled concerns over the long-term future of the two chains.
As previously reported, Coast tumbled into administration last week before it was rescued in a controversial deal by Karen Millen.
Prior to the pre-pack deal, Coast was owned by Aurora Fashions, the same parent company that controls Oasis and Warehouse.
The withdrawal of credit insurance marks a fresh setback for Oasis and Warehouse, coming just days after Retail Week revealed that the group’s boss Liz Evans was jumping ship to take the reins at Fat Face.
Oasis and Warehouse chief operating officer Hash Ladha is being promoted to take her place as chief executive.
A spokeswoman for Oasis and Warehouse said: “Credit insurers have tighten cover across the industry. Both Oasis and Warehouse have strong relationships with suppliers and will continue to work closely with them. It is very much business as usual.”
Atradius, Coface and Euler Hermes all declined to comment.
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