// Oliver Sweeney drafts in administrators
// The retailer will not reopen its stores and will continue to trade online
Oliver Sweeney has reportedly drafted in administrators for its retail subsidiary Oliver Sweeney Trading Limited as it continues to struggle with trading.
The retailer had closed all of its stores as a result of the Covid-19 lockdown in late March.
Its five stores based in London’s Mayfair, Leadenhall Market and Covent Garden, as well as shops in Leeds and Manchester, will now all remain permanently closed, Drapers reported.
READ MORE:
- 5 Minutes With Chris Webster, Managing Director, Oliver Sweeney
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Oliver Sweeney’s stores made up less than half of the business.
The group’s online and wholesale business were not part of the administration and will continue to operate.
Oliver Sweeney chief executive Tim Cooper will continue to lead the business and said he is “disappointed” about the store closures but is “confident” about shifting the group online.
The retailers chief operating officer Chris Webster left earlier this year.
Oliver Sweeney is the latest retailer to have been affected by the coronavirus pandemic.
Major retailers like Laura Ashley, Debenhams, Monsoon Accessorize, Cath Kidston, Quiz and Victoria’s Secret’s UK arm have all entered insolvency after being forced to shut their doors in March.
At least 24,348 jobs have already been lost across insolvent UK retailers, the Centre for Retail Research (CRR) revealed earlier this month.
At least 31,628 retail jobs are currently at risk of being scrapped, with many expected to shutter stores.
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