August 3, 2021
UK division of lingerie retailers Victoria’s Secret I entered the liquidation. It went into control last year after sales plummeted 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 UK business came into control last year Next I came to the rescue and fought Marks & Spencer Snap your business. Under the deal, Next acquired a 51% stake in the group, saving 500 out of 800 jobs.
Victoria’s Secret UK division moves from management to liquidation
Source link Victoria’s Secret UK division moves from management to liquidation