More than 1,800 jobs are set to be lost at Oasis and Warehouse as managers say they couldn't save the company behind the markets.

The markets, which are owned by the failed Icelandic bank Kaupthing, also have 437 concessions in department stores including Debenhams and Selfridges.

Deloitte, the accounting firm, was appointed to handle an insolvency process earlier this month.

More than 1,800 jobs are set to be lost at Oasis and Warehouse as managers say they couldn't save the company behind the markets

Sky News reported that Hilco Capital, the former owner of HMV, has agreed to buy the markets, along with Idle Man, but not the stores.

Inventory from its hundreds of stores in the UK will be purchased by Hilco.

Employees are also reported not to receive statutory wages for dismissal.

Sky News reported that Hilco Capital, the former owner of HMV, has agreed to buy the markets, along with Idle Man, but not the stores

Sky News reported that Hilco Capital, the former owner of HMV, has agreed to buy the markets, along with Idle Man, but not the stores

In a statement, the Joint Manager at Deloitte, Rob Harding, blamed coronavirus for the downfall of & # 39; e stores: & # 39; COVID-19 has presented extraordinary challenges that have ruined retail.

& # 39; It is with great sadness that we must announce a sale of the company has not been possible and that we announce so many layoffs today.

Today's news comes weeks after Oasis and Warehouse talks started with potential buyers following an approach from an unnamed company.

The companies are struggling along with many of the UK & # 39; s retail street retailers who are forced to close all their stores due to the outbreak of viruses.

Deal conversations with potential buyers continued with the uncertainty caused by the pandemic thought that a sale was impossible to close.

The coronavirus pandemic is expected to forever change the appearance of high streets, with famous names like Laura Ashley already gone.

Many national chains will reopen hundreds of stores that are already struggling as a result of a shift to online shopping.

Companies lost to coronavirus

With the High Street difficulty in treating the national coronavirus lockon, a few have begun filing for administration. These include:

Debenhams: 22,000 jobs at risk

Carluccio's: 2,000 jobs at risk

Brighthouse: 2,400 jobs at risk

Chiquito: 1,500 jobs at risk

Laura Ashley: 2,700 jobs at risk

Oasis and Warehouse: 200 direct job losses

Flybe: 2,000 jobs at risk

Many urban centers will have to shift their focus to leisure, entertainment and housing, with shopping streets dedicated to housing.

Debenhams said her Irish company, which has 11 stores with about 1,400 staff, will stop trading. It will continue to trade online in Ireland, the UK and Denmark.

Builds also suffer while consumer confidence is declining at the fastest rate since the darkest days of the 1970s.

The Center for Economic and Business Research has predicted that the lockdown will cost the economy £ 2.4 billion per day, equal to 31 per cent of national output.

Elsewhere on the high street chain, Clark's said last week that a small number of its 347 stores may never open again when the lockdown is over.

The crisis on High Street has already hit the likes of restaurant chain Carluccio's and homeware store BrightHouse.

Cath Kidston announced last week that it was permanent to close its 60 UK stores with the loss of more than 900 jobs.

The fashion retailer confirmed that its stores will not reopen if the & # 39; coronavirus lockout is over, after the company owners secured a deal to buy back its brand and online operations following its & # 39; e administration.

Baring Private Equity Asia (BPEA), which has held a stake in its retailer since 2014, said it will buy the online business, brand and wholesale arm from managers Alvarez & Marsal.

It said the relocation will result in & # 39; stopping the network for retail stores & # 39 ;.

The reporting period for March 2020 was from March 1 to April 4, 2020, which means that two weeks of a & # 39; five-week trading period were under social distance measures when & # 39; the government transitioned into & # 39; a "delay" phase of the coronavirus response. This affected the main store types in several ways

The reporting period for March 2020 was from March 1 to April 4, 2020, which means that two weeks of & # 39; trading period of five weeks were under social distance measures when & # 39; the government transitioned into & # 39; e & # 39; delay & # 39; phase of & # 39; coronavirus response. This affected the main store types in several ways

The company confirmed that only 32 of its 940 staff will see their jobs secured as part of the deal.

Melinda Paraie, chief executive of Cath Kidston, said: & # 39; Although we are pleased that the future of Cath Kidston is secured, this is obviously a very difficult day, because we & # 39; t say goodbye to many colleagues & # 39; s.

& # 39; Despite our best efforts, & # 39; e background of Covid-19, we could not secure a solvent sale of the company, which would have allowed our administration to advance and conduct trading in our current form.

& # 39; I want to thank all of our employees for their hard work, loyalty and patience these past few weeks as we & # 39; ve been working through this process. & # 39;

A BPEA spokeswoman said: & # 39; Although we are disappointed that the Covid-19 crisis has resulted in stopping the retail store network and has affected many employees, we are pleased to have secured a future for some Cath Kidston employees and the Cath Kidston brand in the form of a life-changing digital business.

& # 39; Going forward, we will continue to help the company grow through its e-commerce platform and international wholesale and franchise businesses.

It comes as John Lewis bosses decide which of their 50 stores will reopen after the coronavirus lockdown diminishes, with insiders claiming to be & # 39; highly unlikely & # 39; is that all will survive.

The High Street giant was forced to close all 35 of its department stores and 15 smaller John Lewis At Home stores when Britain closed down in March.

It saw 400 personnel fired and another 14,000 furloughed.

John Lewis has struggled with rising rent and business rates, and announced & # 39; bad & # 39; results in January, with sales 23 percent less than the previous year.

The John Lewis Partnership also includes Waitrose, which has been better during the lockdown and is allowed to stay open for shoppers to stock up on essentials.

But with a major overhaul of online operations, discussions are ongoing as to whether it will be financially viable to reopen John Lewis department stores.

Several Waitrose stores have been forced to close in recent years.

JLP said in a statement today: & # 39; We continuously monitor our estate to ensure we have the right amounts of stores to best serve our customers and remain commercially viable.

& # 39; It is too early to make a decision, but as always, any decision that is made will secure the financial sustainability of & # 39; & # 39; s long-term partnership and always communicates first with our Partners. & # 39;

. (tagsToTranslate) dailymail (t) news (t) Coronavirus

LEAVE A REPLY

Please enter your comment!
Please enter your name here