The UK arm of lingerie retailer Victoria’s Secret has gone into liquidation. It went into administration last year after sales plummeted during the Covid-19 lockdown. A spokesman for administrators Teneo said a judge has approved a move into liquidation that would enable dividends to be paid to creditors.
Judge Sally Barber heard the case in the Insolvency and Companies Court recently. Hundreds of jobs have been put at risk because of the decision, according to British media reports. The retailer said it had hired administrators in June 2020 after being affected by the COVID-19-induced lockdown.
Victoria’s Secret’s online business was not owned by its UK arm, and therefore, would continue as usual, it was announced earlier. When the UK business went into administration last year, Next came to its rescue, fighting off Marks & Spencer to snap up the business. The deal saw Next take on a 51% stake in the group and save 500 of 800 jobs.