Mosaic deal saves 8,700 jobs, while leaving more than 4,000 at risk
11 April 2012
Icelandic bank Kaupthing put Britain's Mosaic Fashions into administration today and immediately announced a deal to buy back some of its brands, saving around 8,700 jobs while leaving about 4,170 at risk.
Administrator Deloitte said it had sold the UK business and assets of several of Mosaic's brands - Warehouse, Oasis, Coast, Karen Millen and Anoushka G, as well as the overseas shares of Karen Millen - to Aurora Fashions, a new company jointly owned by Kaupthing bank and the former management of Mosaic.
Deloitte said it would continue to run the remaining businesses - Principles and The Shoe Studio - and was in talks that could lead to a possible sale of them.
