// More than 1800 jobs cut as Oasis & Warehouse administrators fail to find buyer for the whole business
// IP and stock sold to restructuring expert Hilco Capital, but Hilco decided not to buy the rest of the business
// Administrators say Oasis & Warehouse’s stores will close indefinitely & online sales will be stopped
More than 1800 workers are set to lose their jobs at Oasis and Warehouse and two other brands, after administrators said they were unable to find a buyer for the whole business.
Joint administrators from Deloitte have said that all of the Oasis and Warehouse Group’s stores will close indefinitely and online sales will be stopped.
The failure to save the core operations of company – which owns the Oasis and Warehouse fashion chains along with online retailer The Idle Man and Bastyan Fashions – will result in the loss of 1803 jobs.
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Deloitte said it had sold the intellectual property and the company’s stock to restructuring expert Hilco Capital, but Hilco had decided not to buy the rest of the business.
“Covid-19 has presented extraordinary challenges which have devastated the retail industry,” said Rob Harding, one of the administrators.
“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.”
He added: “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.
“We would like to thank all the employees and other key stakeholders in the group for their continued support.”
The news comes after two key senior leaders within the Oasis and Warehouse Group reportedly stepped down earlier this week as part of the administration process.
Hash Ladha left his post as chief executive while group chief product officer Paula Stewart also reportedly left her role, almost two months after she was promoted to it.
When Oasis and Warehouse Group first fell into administration on April 15, 202 jobs were made redundant immediately but the remaining 1800-plus staff were placed on furlough due to the lockdown.
Oasis, Warehouse and The Idle Man also continued to trade online from their respective websites while the administrators scrambled to find a buyer.
A series of other retailers have been forced into administration due to the coronavirus pandemic.
These include Laura Ashley, Cath Kidston, Lomkok, BrightHouse and Debenhams.
Meanwhile, LK Bennett extended its administration for another year, while surfwear retailer Animal announced it would close all stores and end the business completely by 2021.
with PA Wires