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Article: Kaupthing rescues Mosaic Fashions brands
- Article from:
- AP Worldstream
- Article date:
- March 2, 2009
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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A string of fashion retailers owned by Mosaic Fashions Ltd. were placed under bankruptcy protection on Monday, but most of the businesses were immediately sold on to a new company jointly owned by Icelandic bank Kaupthing and Mosaic's former management.
Mosaic was reportedly struggling to repay 400 million pounds ($560 million) in loans from the state-run bank.
Deloitte, the company's administrator, said Mosaic had passed the U.K. assets of five brands _ Warehouse, Oasis, Coast, Karen Millen, and Anoushka G _ to the new company, Aurora Fashions.
Deloitte said it was not disclosing the price of the deal, known in Britain as a pre-pack administration. Such deals, which ...