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Victoria’s Secret UK division enters liquidation

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British lingerie retailer Victoria’s Secret, which has 25 stores across the UK, has entered liquidation. Last year, he came to power after a plunge in sales during the blockade of COVID-19. A spokesman for Teneo’s manager said the judge had approved a transition to liquidation that would allow creditors to pay dividends.

Judge Sally Barber recently heard the case in bankruptcy and company courts. Hundreds of jobs are at stake for the decision, according to British media reports.

Retailers said they hired a manager in June 2020 after being affected by the blockade by COVID-19.

Victoria’s Secret’s online business was not owned by the UK division and was planned to continue as usual, but was previously announced.

When the British business came to power last year, Next came to the rescue, fighting Marks and Spencer and launching the business. Under the deal, Next acquired a 51% stake in the group, saving 500 out of 800 jobs.

Fiber2Fashion News Desk (DS)

British lingerie retailer Victoria’s Secret, which has 25 stores across the UK, has entered liquidation. Last year, he came to power after a plunge in sales during the blockade of COVID-19. A spokesman for Teneo’s manager said the judge had approved a transition to liquidation that would allow creditors to pay dividends.



Victoria’s Secret UK division enters liquidation

Source link Victoria’s Secret UK division enters liquidation

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