The Board of Directors of Mosaic Fashions hf. decided on 4th of March 2009, to
file for bankruptcy proceedings in accordance with Article 64 of Act no.
21/1991 on Bankruptcy etc. as the company is unable to fulfill its obligations
towards its creditors in full when they fall due and it is not likely that the
company's payment difficulties will be resolved within a short period of time.
A petition for bankruptcy proceedings will be sent the District Court of
Reykjavík in the next few days.
Mosaic Fashions hf. had announced on 3 March 2009 that administrators had been
appointed to Mosaic Fashions Limited, a subsidiary of Mosaic Fashions hf.,
together with certain subsidiaries including the UK companies which own the
Karen Millen, Warehouse, Oasis, Coast, and Anoushka G, Principles and Shoe
Studio brands (the “UK Subsidiaries”). The Karen Millen, Warehouse, Oasis,
Coast and Anoushka G brands have since been sold to Aurora Fashions and Shoe
Studio has been sold to Dune.
For further information please contact:
Investor Relations
Jessica Wilks
Tel: +44 207 452 1000
Press
Alistair Mackinnon-Musson
Nathan Field
Hudson Sandler
Tel: +44 20 7796 4133
