Victoria’s Secret UK has fallen into administration, putting more than 800 staff at risk.
There are 25 stores across the UK.
The company has appointed Deloitte to carry out a ‘light touch’ administration in attempts to find a potential buyer.
Rob Harding, joint administrator at Deloitte, said this is 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.”
Victoria’s Secret’s online business is not owned by Victoria’s Secret UK and will continue as normal.
Victoria’s Secret had already furloughed 785 of its workers during the COVID-19 pandemic.
Other high street victims of the coronavirus crisis include Debenhams, Cath Kidston and Laura Ashley.
