The group, which is owned by failed Icelandic bank Kaupthing, had been in talks with prospective buyers over the last few weeks. Although there is thought to have been strong interest in a deal, the uncertainty caused by the coronavirus pandemic is understood to have made a solvent sale impossible to conclude, so the group is preparing to appoint Deloitte as administrators.
“As you know, we have spent the last few weeks, together with our shareholders, trying to navigate through the crisis caused by Covid-19, which has had a devastating effect on the entire retail industry, and indeed on our business,” Ladha said in an internal letter to Oasis and Warehouse staff. “I also appreciate that there has been media speculation on the future of the business, which I know has been unsettling.
“Sadly, despite our best efforts to preserve the business in its current form, it hasn’t been possible,