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17 Feb 2009
Debenhams and Arcadia are believed to be the front-runners in buying-out Icelandic-backed fashion house Principles.
Mosaic - which owns a 49% stake in Baugur, confirmed several potential backers have expressed interest in the Principles brand, according to timesonline.co.uk
Mosaic said: 'Mosaic Fashions has received several approaches to sell the Principles business and is considering these within the scope of the restructuring discussions. There is no intention to split up the group further.'
Debenhams' interest is thought to stem from its desire to attract a greater margin on its in-store Principles concessions.
Further Reading:
PwC moves to secure Icelandic holdings
House of Fraser, Iceland and Hamleys' holding company placed into administration- PwC called in
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