It has been reported that Atradius, Coface and Euler Hermes, who are the largest credit insurers, have all withdrawn cover to some of Oasis and Warehouse’s suppliers. This is in part due to the insurance industry seeing higher risks in the retail sector. The collapse of Coast, which Karen Millen then acquired in a pre-pack dea, has highlighted the troubles facing the High Street
The move will put more pressure on Oasis and Warehouse as without insurance cover, suppliers can demand payment up front.
A spokesperson said:
“Both Oasis and Warehouse have strong relationships with suppliers and will continue to work closely with them. It is very much business as usual.”
Just two days ago, it was revealed Oasis and Warehouse Group’s chief executive Liz Evans is due to depart after nearly a decade, to head up rival FatFace.