Oasis and Warehouse on brink of collapse with 2,300 jobs at risk

The fashion brand is on the brink of appointing accountancy firm Deloitte to handle an insolvency process, Sky News reported.

The announcement is expected to come tomorrow or Wednesday and comes three weeks after group owner Kaupthing began discussions with prospective buyers after being approached by an unnamed company.

Talks are expected to continue with potential buyers after Deloitte is appointed.

Oasis and Warehouse employ around 2,300 staff and until the coronavirus lockdown was implemented traded from over 90 stores and 437 concessions in department stores such as Debenhams and Selfridges.

Deloitte is expected to place the majority of staff who retain their jobs during the insolvency process on furlough under the government’s coronavirus job retention scheme.

Oasis and Warehouse have been approached for a comment.

The ongoing coronavirus lockdown has hit the already ailing UK fashion and apparel sector hard. Last week, footwear specialist Clarks announced it would be permanently closing some stores and drafted in bankers to review its finances.

Arcadia Group, which owns brands such as Topshop and Miss Selfridges, has also considered permanently closing stores. Debenhams entered its second administration in 12 months and is permanently liquidating its Irish business.