Victoria’s Secret has announced it has drafted in Deloitte advisers as its UK division has fallen into administration, putting over 800 jobs at risk.
The lingerie brand confirmed it has appointed advisers to assess the impact of Covid-19 on the business as it will conduct a “light touch” administration whilst the retailer seeks to find a potential buyer.
The news comes as Victoria’s Secret temporarily closed its UK sites due to the coronavirus pandemic, furloughing over 700 employees.
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 broader challenges facing bricks and mortar retailers, has resulted in a funding requirement for this business, resulting in today’s administration.”
He added: “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.”