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insider.co.uk

Bra brand Victoria's Secret plunges into administration with fears for 800 staff

The UK arm of lingerie brand Victoria's Secret has fallen into administration, raising fears for more than 800 employees including those at a store in Glasgow.

Victoria's Secret UK runs 25 stores across the UK, one of which is at Buchanan Galleries in a prime spot on Glasgow's so-called Style Mile.

The firm 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 renegotiate its rents, in a bid to pull it out of administration.

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