The administrators of Mosaic Fashions' Principles brand are reportedly drawing close to selling the retailer to department store chain Debenhams.

A deal for the women's wear chain is expected to be completed this evening (6 March), after it was put up for sale in this week's pre-pack administration by Mosaic.

Administrators Deloitte made no comment on the widespread media reports, while representatives for Debenhams were unavailable.

Mosaic went into administration on Monday this week, with most of its brands immediately bought by a new company called Aurora Fashions. Its Shoe Studio brand was sold to footwear firm Dune yesterday.

Aurora, which is jointly owned by Kaupthing bank and former management of Mosaic, bought the Warehouse, Oasis, Coast, Karen Millen and Anoushka G high street brands.

Principles employs over 2,300 staff and trades from over 400 outlets of which 94 are single stores and the remainder concession outlets.