HIGH road retailer Subsequent has agreed to purchase struggling lingerie model Victoria’s Secret in a transfer that may save its UK retailers and web site.
As well as, The Solar understands there are plans to inventory Victoria’s Secret’s merchandise in Subsequent shops and on its web site.
Victoria’s Secret Style Present held at Pier 94 in New York in 2018Credit score: PA:Press Affiliation
The transfer put 800 jobs and 25 shops in danger, though retailers have continued to commerce all through the administration.
However now Subsequent has agreed to purchase a majority 51% stake within the firm’s UK enterprise, with L Manufacturers – the dad or mum firm of Victoria’s Secret – remaining in charge of the ultimate 49%.
The transfer will save 500 jobs, in addition to the UK Victoria’s Secret web site.
The place are Victoria’s Secret’s UK shops?
HERE are the places of Victoria Secret’s 25 UK shops:
- Bluewater Purchasing Centre x2
- Brent Cross Purchasing Centre
- Buchanan Avenue
- Bullring Birmginham
- Cabot Circus
- Churchill Sq.
- Grafton Avenue
- Grand Arcade
- Lakeside Purchasing Centre
- Liverpool One Church Avenue
- Manchester Arndale x2
- Milton Keynes
- New Bond Avenue and Brook Avenue
- St David’s Dewi Saint
- The Oracle
- Trafford Centre
- Trinity Leeds
- Westgate Centre Oxford
- Westfield London
- Westfield Stratford
- West Quay Southampton
It is also hoped the sale will allow the 25 shops to proceed buying and selling, though that is dependant on discussions with the corporate’s landlords.
Some 300 roles, nonetheless, stay in danger.
The deal can be topic to regulatory settlement, so actual particulars nonetheless have to be confirmed and are topic to alter.
Victoria’s Secret had already furloughed 785 of its 800 staff earlier than Deloitte was known as in three months in the past for a “gentle contact” administration.
Victoria’s Secret’s world shops exterior of the UK are unaffected.
Martin Waters, chief government of L Manufacturers worldwide, mentioned: “We’re happy to take this subsequent step in our revenue enchancment plan for Victoria’s Secret.
“Subsequent’s capabilities and expertise within the UK market are substantial, and our partnership will present significant progress alternatives for the enterprise.”
Lord Simon Wolfson, chief government of Subsequent PLC, added: “Subsequent may be very happy on the prospect of working in partnership to increase the Victoria’s Secret model within the UK and Eire each in shops and on-line.”
Rob Harding, administrator at Deloitte, mentioned: “This is a perfect technique to safe the way forward for greater than 500 workers within the UK.
“We’re grateful to the collectors for working with us to ship an answer that permits this enterprise to outlive and prosper.”
The deal comes as worrying new research from the Institute for Employment Studies warns how half a million people could lose their jobs throughout the UK this autumn.