Warehouse and Oasis set to collapse into administration with 2,300 jobs at risk

The owner of the High Street brands, Icelandic bank Kaupthing, had been in talks to sell the businesses before the coronavirus crisis.

Bosses at the brands, which each have a branch in Meadowhall, are expected to appoint Deloitte as administrators.

Oasis and Warehouse Group is run by Hashim Ladha, a former executive at Arcadia Group.

In a statement released at the start of the sale process, a spokeswoman for the retailer said: "Like all businesses operating in these unprecedented times, we continue to work on how we can best navigate through the current challenging circumstances following the COVID-19 outbreak."

After the administration begins, many employees are expected to be furloughed.

The chains were forced to shut their 90 UK stores because of the coronavirus lockdown.

The group also has 437 concessions in department stores including Debenhams and Selfridges.

The UK High Street was already facing a tough environment before coronavirus closed many shops selling non-essential goods.

However, the temporary closure of many shops has heaped extra pressure on retailers.

Since shops were closed, department store chain Debenhams, which employs about 22,000 staff, confirmed it had entered administration for the second time in a year.

Fashion chain New Look also informed its suppliers that payment for stock already in its shops or distribution centre would be delayed "indefinitely", and discount retailer Primark has cancelled orders with their supplies.

Cath Kidston has filed for administration, putting 950 jobs at risk.