Oasis and Warehouse seek new buyer

Womenswear retailers Oasis and Warehouse are reportedly back up for sale.

The chains' owner, Icelandic lender Kaupthing, has appointed administrators from Deloitte to hold talks with potential buyers in the last few days, Sky News reports.

The news comes after the UK government ordered all ‘non-essential’ stores - including fashion stores - to shutter on Tuesday in a bid to curb the spread of coronavirus and minimise its lasting effects on the economy.

The chains were previously up for sale in 2017, but Kaupthing withdrew from the sale process with speculation that the bids were too low.

Oasis and Warehouse currently trade from around 90 standalone stores and 437 concessions in department stores.

"Like all businesses operating in these unprecedented times, we continue to work on how we can best navigate through the current challenging circumstances following the Covid-19 outbreak," a Kaupthing spokeswoman told Sky News.

"Whilst this remains a key focus for the company, Oasis and Warehouse are strong brands and we have very recently received inbound interest from strategically aligned parties regarding a potential transaction.

"We remain in dialogue with these parties, but there is no certainty at this stage that this will lead to a transaction."

Last year, Kaupthing sold British brands Karen Millen and Coast to British e-tailer Boohoo. The deal was also advised by Deloitte and came in the form of a pre-pack deal worth 18.2 million pounds.

Photo credit: Warehouse Fashion, Facebook