Lingerie behemoth Victoria’s Secret has appointed Deloitte as an administrator for its UK wing, with a rapid fall from grace for the brand’s global entity. Most of the company’s 800 staff were furloughed when Deloitte was installed to oversee proceedings, and at time of writing no redundancies have been announced.
Professionals from Deloitte have been installed to oversee a 'light touch' administration, with all of Victoria Secret’s 25 leasehold sites having been shut since March, when the UK’s COVID-19 lock-down began. Victoria’s Secret employs over 800 staff across Britain, most of whom were furloughed when administrators were appointed.
Deloitte envisages major changes to brand’s businesas to exit the administration process. It plans to either restructure the lease terms of its deal with Sycamore Partners across the portfolio, and, or, achieve a sale of the company’s assets to a third party.
