More than 800 jobs at risk as Victoria’s Secret falls into administration
More than 800 jobs are at risk after the UK arm of lingerie retailer Victoria’s Secret tumbled into administration.
The retailer, which has 25 stores across the UK, confirmed that it has hired administrators from Deloitte after being impacted by the coronavirus lockdown.
The insolvency firm said it will conduct a “light touch” administration at the retailer – which has 785 employees on furlough – as it seeks to find a potential buyer.
Rob Harding, joint administrator at Deloitte, 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 broader challenges facing bricks and mortar retailers, has resulted in a funding requirement for this business, resulting in today’s administration.
“We will now work with the existing management team and broader stakeholders to assess all options available for the future of the business.
“As administrators we’d like to thank them and all of the employees for their support, at what we appreciate is a difficult time.”