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Debenhams to buy Principles stock

Debenhams is believed to be close to securing a deal to buy a significant proportion of Principles’ stock, but it is not expected buy the Principles brand name or its shops.

Debenhams is expected to buy the Principles stock destined for the department store and for the chain’s stores from administrator Deloitte later today. It is not thought to be buying the stock destined for John Lewis or House of Fraser.

The womenswear brand has a significant number of concessions within Debenhams, which generate around £60 million worth of sales, and the department store is understood to be desperate to ensure that it has sufficient stock to fill the space in store until it can turn on a bigger own buy to fill the store space.

The deal will lead to several thousand job losses as Principles’ 90 stores are expected to close.

Peter Davies, the former chief executive of Rubicon, which owned Principles, had been attempting to rescue Principles and a significant number of its shops. However he failed to raise finance quickly enough to complete a deal.

Principles went into administration on Monday as part of the collapse of Mosaic Fashions. The management of Mosaic Fashions and its bank Kaupthing immediately acquired Oasis, Warehouse, Karen Millen and Coast from administrator Deloitte but left Principles behind.

Mosaic Fashions’ footwear concession business Shoe Studio Group was sold to Dune on Wednesday.

 


Readers' comments (6)

  • Find it amazing that 2,500 people will now be facing unemployment while there were interested parties in principles trying to establish a rescue package !!

    Peter Davies with vast experience in the retail industry, why did he not have a more sufficient level of time to save this.

    What about the retail industry? The Government saving banks, cars and manufacturing. We are clearly not on their list of priorities !!

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  • Peter Davies would have turned Principles around especially if he had got Hillary Riva behind him just like before, but i feel that everything has a naturally end to it and Principles is now,
    So Mr Davies thanks for trying to save us but spend the profit you made from the sale of Rubicon on setting up a new Brand with the old Principles values the good people will come back to work for you. Best of luck to the real Principle people.

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  • it is such a shame that we have lost our jobs, principles wasn't just any old brand, the people who worked for principles is what made it a sucess, then a company trying to make principles into something it wasn't ruined it. As they say if its not broken why try and fix it...............

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  • The shock of loosing our jobs so quickly is astounding - we did not for one minute think that this would happen. We all believed in the brand and its new direction, the stock and our customer base was changing for the better. It was not just work for us, it was a place were we helped people reinvent themselves, to generate a real enthusiasm for fashion, there is nothing left like this on the highstreet anymore, these are sad times.

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  • We are sorry to all of our customers that have lost their personal shoppers, we were shut so quickly, we didn't get a chance!

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  • I can only assume that the person above who said the stock and the customer base were changing for the better is either new to principles or very young. I had worked for Principles for 24 yrs in what was a very succesful large branch until recently. We had spent the last couple of years telling the company that they were going in the wrong direction but they knew better, we only talk to customers in store what do we know. It wasn't the recession that got Principles it was the people that ran it.

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