KPMG has three months to sort out Mosaic

KPMG has been told by its audit client Mosaic Fashions – owners of Principles
and Oasis – that the company has just three months to refinance its debt
repayments if it is to survive.

Mosaic revealed in a statement attached to its accounts at Companies House
that it has a standstill agreement with its bankers Kaupthing expiring on 31
May, according to the Daily Telegraph.

In total, Mosaic has debts exceeding 400 million. Baugur, which has a 49 per
cent stake, recently put all of its UK assets into administration.

Mosaic has already tried to sell a number of assets, including Shoe Studio
and Principles.

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