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09 Mar 2009
Debenhams, which has bought Principles, is likely to sack most of the 2,000 staff at the failed retailer as the deal covers only the brand's stock, but none of its 66 stores.
On Saturday, Principles' administrator Deloitte confirmed that 110 head office staff had already been made redundant at the Icelandic-backed retailer.
Along with Principles' shop stock, Debenhams has also bought the rights to 121 concessions within other stores. It also gains a temporary non-exclusive licence to operate the Principles brand.
Deloitte will continue to trade the remaining 19 Principles stores, and a further 172 in-store concessions not covered by the Debenhams deal.
Lee Manning of Deloitte and Joint Administrator said at the weekend: 'Given current market conditions, we have been unable to find a suitable buyer to take the business on as a going concern.'
'Regrettably, we will be closing 66 high street Principles stores, but will be continuing to trade the remaining 19. For the time being the remaining 172 non-Debenhams concessions will also remain trading.'
Principles, which is part of the failed fashion retail group Mosaic, was placed into administration last Monday. Mosaic is 49 per cent-owned by Baugur, the collapsed Icelandic investment company.
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Visitor comments Add your comment
Principle Vouchers
I was recently given Principle vouchers for my birthday. My husband obtained them from Principles at Hempstead Valley Gillingham Kent a week ago and this week they closed down. Surely they would of known and could of advised him. I feel these vouchers were sold presumably with the prior knowledge that they were closing down. I find this completetly unfair and out of order and request a full refund.
Posted by: Deborah Robinson, 09 Mar 2009 | 00:00
All due respects Mrs Robinson but you are wrong.
ALL staff at ALL the principle stores across the country did not the situation. We only found out about the closures on the friday and didn't know how bad the situation was.
Principles is known for its great customer service and the staff would not have sold you vouchers if they knew.
Posted by: Nicola, 10 Mar 2009 | 00:00
Get your facts right
No all the staff were not told untill Friday afternoon that they would be closing on the SAturday. It was very quick. The parent company only went into administration on the Monday before. Do you really think that shop staff are made aware of every rop level management decision? i dont think so. Wind your neck in please.
Posted by: jj, 11 Mar 2009 | 00:00
Principles' Vouchers
I also have vouchers and was advised by a member of staff in Warehouse, Edinburgh yesterday that I could still use them, but having double checked today to save me the journey into town I am told I cannot use them.
Posted by: M Brunton, 13 Mar 2009 | 00:00
vouchers
hi have some vouchers left from my christmas gift. i went to shop to day but was told they are not accepting them what happens next.
Posted by: mrs d morris, 13 Mar 2009 | 00:00
Disgracefull
I work for principles and i can tell you that no one knew what was happening in the stores and we still don't. I am sick to death of people getting angry with me because of gift vouchers! At the end of the day yes you might loose the vouchers i really don't know, but i have just lost my job and i really do not have the patience for small minded people anymore! I think it is awful the way we as staff have been treated not only by the company but by customers who seem to think it is our fault. So please if you read this and you come in to one of the 17 stores left open think about the fact that we have all lost our jobs before you are rude to us.
Posted by: Janet Jones, 27 Mar 2009 | 00:00
Principles Vouchers
I also have £75.00 worth of vouchers. Have contacted principles and now they have sent me a Proof of Debt form from Deloitte. They want me to return my vouchers with the form. They say on the form that I might only get 2p in the pound thats disgusting. Woolworth's honured their vouchers why cant principles!! Dont know whether to hang on for now or send them back just in case they fins a buyer.
Posted by: Michele Clements, 05 Apr 2009 | 00:00
Vouchers
I was given Principles vouchers a few days before
the store closed, on goods I
had just returned. Surely this is illegal. These vouchers should be honoured.
.
Posted by: Mrs H Morrison, 01 Jun 2009 | 00:00