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Mosaic Fashions confirms Principles approaches

Mosaic Fashions has confirmed it has received a number of approaches for its Principles chain (as revealed exclusively by Drapersonline.com January 29) and said it was considering the offers as part of wider restructuring discussions with its bank Kaupthing.

Mosaic Fashions, which owns high street fashion chains Karen Millen, Warehouse and Oasis, also put its Shoe Studio Group business on the market last month but said in a statement this morning it had no plans to split the group up beyond a possible sale of Shoe Studio Group or Principles.

Mosaic Fashions also confirmed in the statement that Kaupthing would waive interest payments and temporarily waive its rights on certain financial covenants until the next payment date, while negotiations around long-term funding for the group continued.

Mosaic Fashions is also negotiationg an additional working capital facility with Kaupthing.

A statement from Mosaic Fashions said: “There has been considerable speculation in the UK press on the outcome of the discussions with Kaupthing Bank and on the future of Mosaic Fashions, however no conclusion on the restructuring discussions, which continue to progress satisfactorily, has yet been reached. The company will issue further announcements as new developments emerge.”

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