The UK arm of lingerie brand Victoria's Secret has slipped into administration, raising fears for more than 800 employees.
Victoria's Secret UK, which runs 25 stores nationwide, confirmed it has called in Deloitte for a "light touch" administration, after the company was hit by the closure of high streets during the coronavirus 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."
The locations of the affected stores have yet to be named but the firm has a big shop at Gateshead's Metrocentre, which attracted long queues when it opened in November 2018.
The brand, known across the world for its daring lingerie, signed up for the huge 10,000 sq ft shop, bringing a touch of glamour to the intu centre with its luxurious range of sleepwear, underwear and Victoria’s Secret PINK collection.
Victoria's Secret follows other well known retailers into administration including Oasis, Cath Kidston and Laura Ashley.
