UK-based womenswear retailer Oasis & Warehouse, owned by failed Icelandic bank Kaupthing, has been in conversation with potential buyers so as to continue operations. The group has appointed Deloitte to help conduct a potential sale of the business, amidst the COVID-19 outbreak.

Sourcing from India also, the Group has a manpower of around 2,300 people and 90 standalone stores, it has a further 437 concessions in department stores. The spokesperson at Oasis & Warehouse has confirmed that it has received inbound interest from strategically aligned parties and the Group is in discussions with these parties, but there is no certainty at this stage that this will lead to a transaction.

As per a report by drapersonline, the company has delayed supplier payment, and is also in talks with landlords about deferring rent and VAT payments. “It is also understood to be looking at furloughing in-store staff and non-essential head office teams.,” claims the report.

The company has said that they are working through options for the business in terms of how it can mitigate its impact on business, employees and suppliers. It is pertinent to mention here that administrators for Kaupthing launched a sale for the Group, which then included Karen Millen and Coast, back in November 2016.

In 2017, Kaupthing had then opted to withdraw from the sale process , after the only remaining bidder was Emerisque Brands, a private equity firm.