Victoria’s Secret plunges into administration in the UK putting 800 jobs and 25 stores at risk
- UK arm of lingerie brand Victoria’s Secret has slipped into administration
- The company has been struggling amid the ongoing coronavirus pandemic
- Now 25 stores are at risk which could result in the losses of over 800 jobs
- Here’s how to help people impacted by Covid-19
The UK arm of lingerie brand Victoria’s Secret has slipped into administration, raising fears for more than 800 employees.
Victoria’s Secret UK runs 25 stores across the UK. It has called in Deloitte for a ‘light touch’ administration, after the company was hit by the closure of high streets during the pandemic.
Victoria’s Secret had already furloughed 785 of its workers before appointing administrators.
Administrators will try to find a buyer for its assets, or re-negotiate its rents, in a bid to pull it out of administration.
More to follow
The UK arm of lingerie brand Victoria’s Secret has slipped into administration, putting its 25 stores and over 800 jobs at risk
The stores have been closed amid the coronavirus pandemic, with the company struggling with financial losses as a result