The move would put 2,300 jobs at risk for the staff who work at the 90 stores operated by the two firms across the UK.

However, the employees are likely to be furloughed under the UK Government’s job retention scheme with 80% of their pay during the administration until a buyer can be found for the company.

It has been reported that The Oasis and Warehouse Group has been looking for a buyer for several weeks.

The group is owned by Kaupthing, the failed Icelandic bank, the Evening Express reports. 

Administrators for the bank attempted to facilitate a sale of the group over three years ago, but this was abandoned.

The retailer is the latest to fall into financial difficulty in the UK in the midst of the coronavirus pandemic, with chain store Debenhams entering administration last week in an attempt to save itself during the lockdown.

Debenham’s 142 stores were already closed due to the lockdown measures with the majority of its 22,000 employees being placed on furlough before the company’s owners placed the business into administration.

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