// Oasis & Warehouse owners draft in advisers from Deloitte to explore sale of of business
// Kaupthing has reportedly conversations with potential buyers in the last few days
// Follows orders that non-essential retailers must close stores as part of lockdown measures amid coronavirus
Oasis and Warehouse have reportedly started exploring a sale of the business as the coronavirus crisis prompted the government to order non-essential retailers to shut their doors for at least three weeks.
According to Sky News, the womenswear retailers’ parent company Kaupthing has drafted in advisers from Deloitte to hold conversations with potential buyers in the last few days.
Meanwhile, Drapers reported that the retailer wasn’t looking for a sale, given it was in the middle of a three-year turnaround scheme, but it reportedly had been approached by a potential buyer.
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It’s not the first time the retailers have been put up for sale.
In November 2016, administrators for Kaupthing – an Icelandic bank that was left with owning the retail business after the 2008 financial crash – launched a sale of the Oasis and Warehouse Group, which then included Karen Millen and Coast.
Kaupthing then withdrew from the sale process in 2017.
It then managed to sell off Karen Millen and Coast to Boohoo last year through a pre-pack administration.
Oasis and Warehouse employs currently employs around 2300 people and trades from 90 standalone stores and a further 437 concessions in department stores.
“Like all businesses operating in these unprecedented times, we continue to work on how we can best navigate through the current challenging circumstances following the Covid-19 outbreak,” a spokeswoman told Sky News.
“Whilst this remains a key focus for the company, Oasis and Warehouse are strong brands and we have very recently received inbound interest from strategically aligned parties regarding a potential transaction.
“We remain in dialogue with these parties, but there is no certainty at this stage that this will lead to a transaction.”
A new owner for Oasis and Warehouse was reportedly expected to be determined in the coming weeks, but the lockdown of retail stores could now delay the process.
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