AllSaints has been saved from insolvency after the collapsed Icelandic banks that backed it agreed on a financial restructuring, according to reports.
The agreement is understood to have come about after intense legal discussions. Kevin Stanford will remain in charge of AllSaints.
Prior to the restructuring, Baugur, the Icelandic investment firm which fell into administration earlier this year, owned a 35% stake in AllSaints. It is unclear what stake it now has.