The consulting firm Deloitte will manage the insolvency process for businesses that, until the coronavirus shutdown, operated 90 stand-alone stores and over 400 dealerships in department stores including Debenhams and House of Fraser.
The company, controlled by Icelandic bank Kaupthing, was looking for a new investor to take over the fashion chains. At least two potential buyers are believed to have come forward, but an agreement is unlikely to be reached before the impending administration.
Uncertainty surrounding the coronavirus crisis would have made it impossible to close a sale of solvents, Sky News said.
Oasis and Warehouse stores in the UK all temporarily closed last month as part of a government foreclosure to control the spread of the coronavirus.
They continue to trade online. The staff would have remained fully paid and would not have been put on leave before the insolvency proceedings.
The administration speech comes just days after Debenhams, a major Oasis and Warehouse clothing dealer, also called the directors as clothing retailers struggled to survive the closure of the main street.
Kaupthing took control of Oasis and Warehouse in 2009 when the former parent group Mosaic collapsed in administration.
Mosaic, which also owned the Coast and Karen Millen channels, was struck by the drop in consumer spending during the financial crisis and the collapse of its main shareholder at the time, the Icelandic retail conglomerate Baugur.
Coast and Karen Millen permanently shut down their entire high street estate last year after the brands were saved from administration by online specialist Boohoo.