BusinessBusiness RecoveryKaren Millen owner broken up in pre-pack

Karen Millen owner broken up in pre-pack

Sale preserves 8,700 jobs

Deloitte administrator Neville Kahn has sold several brands of failed
retailer Mosaic Fashions to a new entity jointly-owned by Kaupthing Bank and the
former management of Mosaic.

Aurora Fashions has purchased the assets of Warehouse, Oasis, Coast, Karen
Millen, Anoushka G and the overseas shares of Karen Millen under a ‘pre-pack’
arrangement, which allows the stores to keep trading under established brand
names. The restructure will preserve 8,700 jobs and 268 stores.

Deloitte says that it intends to keep trading the remaining two entities –
Principles and The Shoe Studio. This means 4,200 jobs are still at risk.

Principles employs over 2,300 staff across 400 outlets. The Shoe Studio
meanwhile employs 1,870 staff, trading from 13 single stores and 270
concessions.

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