More jobs at risk as retail group goes into administration
March 11, 2009
It may not be long before we see more of our favourite high street shops closing down due to the recession. The latest retail group to go into administration is Mosaic. The group own a number of brands on the high street including Warehouse, Oasis and Karen Millen and the recent news means that thousands of jobs could be at risk.
Luckily, a number of the brands have been sold to Icelandic bank Kaupthing, Mosaic’s main creditor. Unfortunatly though, this is not the case for them all. Principles is one brand that that remains in administration whislt a buyer is sought. This is unfortunate news for Principles which has been a well known name on the high street for a while. Principles currently have 400 outlets and over 2,300 staff.
Mosaic group have been struggling with debt for a while, up to the amount of £400 million.
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