In a disappointing twist of events, Victoria’s Secret UK has officially transitioned from administration to liquidation. The renowned lingerie retailer faced a dire situation last year as Covid-19 lockdowns resulted in plummeting sales. To salvage the business, the decision was made to enter administration.

According to a spokesperson from Teneo, the administrators overseeing the process, Judge Sally Barber in the Insolvency and Companies Court has approved the move into liquidation. This crucial decision enables the payment of dividends to the company’s creditors.

Unfortunately, the consequences of this move are extensive, putting hundreds of jobs at risk. British media outlets have emphasized the impact this decision will have on employees. Undeniably, it is a challenging and uncertain time for everyone involved.

It is worth noting that Victoria’s Secret’s online business remains unaffected by the liquidation since it is not owned by the UK arm. This means that customers can still access and purchase their favorite lingerie items through the brand’s online platform.

Amidst this adversity, it is inspiring to recall the efforts made last year to salvage a portion of the business. When the UK arm went into administration, Next, a prominent British retailer, stepped in and took over operations. Engaging in fierce competition against Marks & Spencer, Next successfully acquired a 51% stake in the group, managing to save 500 out of the 800 jobs at stake.

This turn of events serves as a reminder of the challenges retailers have faced during the Covid-19 pandemic. Widespread lockdowns and economic uncertainties have taken a toll on numerous businesses, regardless of their size. Victoria’s Secret UK is merely one example of the casualties suffered by the retail industry.

As we navigate these uncertain times, it is crucial to support and uplift one another, including the businesses and individuals affected by such challenging circumstances. The fashion industry, in particular, has been significantly impacted by the pandemic, and it is vital for us as consumers to continue supporting our favorite brands and retailers.

While saying goodbye to Victoria’s Secret UK arm, our hope is for the business to find solace and regenerate in the future. The iconic lingerie brand has long been cherished by many, and we trust that its legacy will endure.

Useful links:
1. BBC News – Victoria’s Secret UK moves from administration to liquidation
2. The Guardian – Victoria’s Secret’s UK arm moves into liquidation