It has been announced today that the UK arm of the lingerie brand Victoria’s Secret has slipped into administration with 800 jobs now at risk.
Victoria’s Secret has a total of 25 high street branches across the UK, with Manchester locations in the Arndale and Trafford Centre.
It has been confirmed that the owners have called in Deloitte for a “light touch” administration.
The brand had already furloughed 785 of its workers since the coronavirus (COVID-19) pandemic, before appointing administrators. Administrators will now try to find a buyer for its assets, or re-negotiate its rents, in a bid to pull it out of administration.
Deloitte 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.”
“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.”
It has not yet been confirmed which branches or jobs will be affected in the future.
More to follow.