Mosaic fashions (Karen Millen, Principles) in administration

Little_Otter

Hi all,
I've been on KM website, nothing mentioned there. Do you think another shop will buy up their stock, or will they have a closing down sale?? I do love KM clothes, the dresses more than anything, they are of very good quality (IMO) and fit well.

fc123

Little_Otter wrote: »

Hi all,
I've been on KM website, nothing mentioned there. Do you think another shop will buy up their stock, or will they have a closing down sale?? I do love KM clothes, the dresses more than anything, they are of very good quality (IMO) and fit well.

I don't think you are going to see a full on sale anytime soon.

They always mark down every 3 months anyway the slow styles....but not much chance of bestsellers being flogged off for a tenner I'm afraid.

They went into administration then got bought back by Aurora (same people, diff name).
They are now re jigging their portfolio.....negotiating new leases. deals etc to make company more profitable.

Aurora Fashions asks landlords to cut rents

5 March, 2009 | By Marino Donati
Aurora Fashions, the new company which rescued Oasis, Karen Millen, Coast and Warehouse this week, is asking landlords to reduce rents on some of its stores to keep them trading.



Aurora Fashions, which bought the fashion chains out of administration this week, is understood to be asking to pay rents equivalent to 10% of each store’s turnover, and is also asking for rent-free periods for some of its stores, according to The Daily Telegraph.

Aurora Fashions is also asking landlords to pay rent on a monthly rather than quarterly basis on all its 900 stores, the report says.
Aurora Fashions deputy chief executive Mike Shearwood declined to give details but said that the group was trying to work with landlords rather than make demands, and that the turnover-linked and rent free renegotiations affected less than 10% of the group’s stores