The UK operation of Victoria’s Secret is in administration.
With 25 UK stores, the business employs around 800 staff, 785 of which have been furloughed. Unusually, the online business continues unaffected as it is operated by a different entity.
The US business is unaffected though around a quarter of its stores in the country will be closing.
A buyer is being sought for the UK business by the administrators Deloitte. Joint administrator Rob Harding said: “This is yet another blow to the UK high street and a further example of the impact the Covid-19 pandemic is having on the entire retail industry. The effect of the lockdowns, combined with the broader challenges facing bricks and mortar retailers, has resulted in today’s administration. We will now work with the management team and broader stakeholders to assess all options available for the future of the business.”
With the retail market in its current state of flux, buyers may prove to be thin on the ground, however, it is already being suggested that Marks & Spencer could be a prime candidate.
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