On 10th March 2009 Mosaic Fashions hf. was granted authorisation by the
District Court of Reykjavík to enter into bankruptcy proceedings in accordance
with Article 64 of Act no. 21/1991 on Bankruptcy, 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. Mr. Jóhannes Karl Sveinsson, Supreme Court Attorney, was
appointed trustee over the bankrupt estate.
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, Shoe
Studio has been sold to Dune and certain of the Principles assets have been
sold to Debenhams.
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
