Deloitte, the administrators of Principles, are expected to continue to sound out potential buyers for the Principles brand name, after Debenhams bought the bulk of the womenswear chain’s stock at the weekend but left the name behind (as exclusively predicted by Drapersonline.com).
Debenhams will continue to operate Principles’ 121 concessions under a temporary non-exclusive license granted by Deloitte, until it clears the stock. The time scale for this remains unclear.
Some 66 Principles stores were shuttered at the end of Saturday, while 110 head office staff were made redundant.
It is possible that a supplier or manufacturer may look to take over the Principles name, which has retained strong brand recognition amongst consumers, to create a wholesale collection.
Reports at the weekend suggested there could also be a buyer waiting in the wings to take a handful of Principles’ stores.
Principles went into administration last week as part of the larger scale administration of its parent company Mosaic Fashions. However its stablemate brands Oasis, Karen Millen, Warehouse and Coast were all rescued by Mosaic Fashions’ bank, Kaupthing, and its management team, under a newly formed company called Aurora Fashions.