UK: Mosaic moving towards administration - report

By | 2 March 2009

UK retail group Mosaic Fashions is preparing to file for administration, it is being reported.

According to The Times newspaper, Mosaic will use the restructuring to keep the bulk of its stores open, and sell off a number of high street brands.

Mosaic, which also owns the Karen Millen, Principles, Warehouse and Oasis chains, was expected by the newspaper to file for administration with accountancy firm Deloitte today (2 March).

A further announcement is expected, but the company made no comment on the speculation when contacted this afternoon.

Mosaic's Icelandic backer Baugur Group put its its UK unit BG Holding under administraion last month.

Sectors: Apparel, Retail

Companies: Mosaic Fashions, Karen Millen, Baugur

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