In a significant blow to the fashion industry, Oasis and Warehouse, two beloved fashion brands, have recently filed for administration. This move has unfortunately resulted in the loss of over 200 jobs. The group, which also includes brands such as The Idle Man and Bastyan Fashions, has decided to furlough the majority of their employees, with only a small number of staff remaining at the head office to assist the administrators. Deloitte has been appointed to manage the administration process, with Rob Harding and Richard Hawes leading the proceedings.

As a result of the ongoing COVID-19 pandemic, the physical stores of Oasis and Warehouse remain closed. However, their online operations continue, although it is uncertain whether they will be able to sustain themselves in the long term. Despite being up for sale, the brands have not garnered any interest from potential buyers within the current economic climate. This is not the first time they have attempted to sell, with a previous effort in 2017 faltering due to a lack of bidders willing to meet the desired price set by their owner, Kaupthing, from Iceland.

It’s essential to note that the administration filing only affects the UK operations of Oasis and Warehouse. Their subsidiaries in Ireland and Sweden, as well as their franchise partners in other countries, remain unaffected for now. Rob Harding attributes the need to file for administration to the devastating impact of the coronavirus crisis. He mentions that, before the situation escalated, the company did receive significant interest from potential buyers.

This unfortunate development highlights the challenges faced by the fashion industry as a result of the pandemic. Even well-established brands like Oasis and Warehouse are not exempt from the economic hardships experienced globally. The future of these brands remains uncertain, leaving their employees and faithful customers anxiously awaiting news. Only time will tell if they will be able to overcome these difficult times or succumb to the pressures of the current environment.

Useful links:
1. BBC News: Oasis and Warehouse collapse into administration
2. Retail Gazette: Oasis and Warehouse file for administration amidst COVID-19 crisis