UK department store Debenhams look likely to purchase the Principles brand name and it’s stock of fashion wear following the collapse of Mosaic Fashions on Monday.
Principles was one of the companies trading within the Mosaic group and has had a long standing relationship with Debenhams. The fashion company runs over 300 in store concessions many of them within Debenhams branches across the UK. Principles also runs around 90 stand alone stores of it’s own, but Debenhams are not planning to purchase those shops although they will own the stock if the deal goes ahead.
Mosaic was put in to administration on Monday, when the groups main creditor Icelandic bank Kaupthing along with Mosaic management agreed to purchase most of the group under the newly formed company Aurora Fashions.
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