In April, Oasis and Warehouse went into administration losing 1, jobs. The brands were forced to shut their 90 UK stores in March because of the coronavirus lockdown, which also closed its concessions in department stores including Debenhams and Selfridges.
Online shoppers had also been unable to place orders with the fashion chains for a number of weeks. The previous owner had been in talks to sell the businesses before the crisis , but no buyer could be found for the High Street stores as the coronavirus pandemic accelerated the shift of shoppers to online. The brand and stock were bought by Hilco Capital, which has now sold them on to Boohoo.
Boohoo said on Wednesday that the sales of loungewear and "athleisure" had done well during lockdown as customers adapted to a "stay-at-home lifestyle". That came despite an initial slowdown in towards the end of March and early April as the initial impact of the pandemic hit. The collapse of Oasis and Warehouse comes after rival River Island Holdings-owned womenswear label Harpenne permanently ceased trading less than a year after it was launched.
Kaupthing has not been a bad owner — but it obviously did not think it could get the group through Covid This is not a time to put it up for sale. Maybe the price the buyer was offering was not high enough, but to say there was no buyer interest at all is very odd. But why buy stock without an outlet to sell it?
They did most things right. Noel Limited was established as the takeover vehicle. Most of the businesses were immediately sold on to Aurora Fashions, a new company jointly owned by Icelandic bank Kaupthing. Coast was separated from the rest of the group, under the ownership of Kaupthing, and it was planned that Oasis and Warehouse would be merged under a new single parent company Fresh Channel. The two brands were merged as the Oasis and Warehouse Group.
It was eventually acquired by Karen Millen. Yesterday a colleague contacted her saying she had received a letter from the administrators stating they had no Money, and would not be paying them their redundancy payments and notice pay. They would have to claim through the national insurance scheme RS1. My wife and colleagues were made redundant before they went into administration.
Or legal. Maybe if the staff has been furloughed at the beginning of the co vid 19 crisis instead of being paid full wage for 2 weeks sat at home with the stores closed they could have saved some cash. Total mis management from Hash who only bought another company late last year even though the signs were there. There are just too many shops in the High Street. Save my name, email, and website in this browser for the next time I comment.
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