The UK branch of American lingerie, clothes and beauty retailer, Victoria’s Secret, has gone into administration, putting 800 jobs at risk.
According to administrator, Deloitte, there will be no immediate redundancies (785 staff have been furloughed) while it tries to find a buyer for the company, famous for its “Angels” and annual fashion shows.
The chain has 25 stores in the UK, all of which were forced to close in March as a result of the coronavirus pandemic.
Victoria’s Secret has had a rough time recently, cancelling a fashion show last year due to “poor TV ratings”, and criticims it was sexist.
And in February 2019, the UK unit of the firm made an operating loss of £170 million.
Parent company, L Brands Inc, reportedly filed for ‘protection from creditors’ today which means management can continue running the business for the time being.