Blog: Mixed fortunes at Mosaic

Joe Ayling | 4 March 2009

The pre-pack administration of Mosaic Fashions is great news for five of its high street brands, but the fate of two others hangs in the balance.

As Mosaic's administrators Deloitte said this week, discussions are underway with suitors for the the fashion group's Principles and Shoe Studio stores.

There was a sigh of relief late Monday when Mosaic's Warehouse, Oasis, Coast, Karen Millen and Anoushka brands were sold to Aurora Fashions, a new company jointly owned by Iceland's Kaupthing bank and former management. It was confirmed that 8,700 jobs were to be saved, 7,861 in the UK.

However, Principles and Shoe Studio still need a buyer to save the 4,170 workers they employ in stores and concessions throughout the UK.

Last month's job losses at shoe chain Stylo, which was rescued but shed 2,500 jobs in the process, do not bode well for Mosaic's remaining UK workforce who dread joining the deepening queues at UK job centres.

The collapse of the Icelandic banking system, and that of Baugur Group's UK holdings last month, always seemed likely to have repercussions for the UK high street.

However, Mosaic said last month that the filing would "in no way" affect its operations, confirming that talks with Iceland's Kaupthing Bank over the company's long-term funding were "progressing satisfactorily".

While they have indeed progressed satisfactorily for two thirds of Mosaic's UK employees, the rest will be anxiously looking over their shoulders for days to come.

By Joe Ayling, news editor.

UPDATE: UK: Mosaic Fashions broken up to save chains


BLOG

Covid-19 leads to countrywide lockdowns

The coronavirus pandemic continues to cause chaos throughout the global apparel industry, with countrywide lockdowns and the switch of production to personal protective equipment (PPE) all dominating ...

BLOG

Pandemic continues to wreak havoc on industry

The ongoing impact of the coronavirus (Covid-19) pandemic on the global apparel industry and its supply chain continued to dominate content on just-style over the past week....

BLOG

Coronavirus continues to disrupt retail and supply chains

It’s resilience – not re-shoring – that clothing buyers should be seeking from their supply chains in the face of the Covid-19 outbreak....

BLOG

Coronavirus continues disruption of apparel and textile supply chain

Fuelled by new investment from its recent listing on the Hong Kong stock exchange, fashion supply chain manager Lever Style is realigning its business model to be the product engine for rising e-comme...

just-style homepage



Forgot your password?