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.
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.”
