Oasis and Warehouse begin sale talks
Oasis and Warehouse, the sister womenswear chains, are reported to be undertaking sale talks despite the coronavirus pandemic.
According to Sky News, the chains, which are owned by Icelandic bank Kaupthing, have been carrying out talks with potential buyers in recent days.
A spokesperson for the company, which is led by CEO Hash Ladha, told the news outlet that the company was working through ways of navigating the business through the COVID-19 crisis but that, in recent times, it had received in-bound interest from "strategically aligned partners" about the potential of a sale.
"We remain in dialogue with these parties, but there is no certainty at this stage that this will lead to a transaction," the spokesperson said.
Like all non-essential retailers, Oasis and Warehouse have closed the doors of their circa 90 retail stores until further notice. Prime Minster Boris Johnson ordered all but vital retailers to close their doors last night for at least three weeks, after which the situation will be reviewed.
This is not the first time that Kaupthing has held talks about the sale of the chains, while last year it sold the brands and online operations of Coast and Karen Millen to Boohoo, meaning all of their high street stores were closed.
It is understood that Oasis and Warehouse had been showing signs of a turnaround under Ladha, who has in the past held senior roles at Arcadia and ASOS, but like all fashion retailers they had been hit hard by the COVID-19 crisis.
The sale talks are being handled by Deloitte.