CELEBRITY STYLE SPY: See all the latest celeb photos

Owner of top UK stores goes into administration

By Lucy Hutchings on Tuesday 3 March 2009

Print
Share
Comment

Karen Millen New York store

Mosaic, the parent company behind some of the British high street's best known fashion names, went into administration last night, but quickly sold off its four main brands.

Warehouse, Oasis, Coast and Karen Millen were all saved, transferred to a new company owned by the retail group's lender, Kaupthing, and existing management, which will now trade under the name of Aurora.

The speedy sale has resulted in the safeguarding of 8,700 jobs, as well as a total of 1,377 shops around the country.

But not all Mosaic brands have been taken on by the new team. Principles and Shoe Studio are facing uncertain futures, as they remain in administration. Deloitte is now seeking to sell on both businesses.

The collapse of Mosaic was triggered by the collapse of the Icelandic banking system last year, with Icelandic firm Baugur owning a massive 49% stake in the company.

Tuesday 3 March 2009