More than 5,000 customers and suppliers of defunct fashion retailer Principles have emailed the retailer’s administrator asking to recoup money or redeem vouchers.
According to documents filed at Companies House, Principles’ administrator Deloitte has also received more than 500 emails from suppliers and customers in relation to former sister brands including Shoe Studio, Oasis and Warehouse.
The retailers were all part of fashion group Mosaic, which was previously backed by Baugur. Deloitte was appointed as administrator to Principles in March, after Mosaic fell into administration and management bought back brands Oasis, Coast, Karen Millen and Warehouse.
Shoe Studio was sold to footwear specialist Dune. Principles’ stock was acquired by Debenhams.
However, many suppliers to Principles were left up in arms following the deal, which did not include a sale of stock on the water.
Deloitte received more than 800 emails from landlords, more than 2,000 letters and is receiving between 150 and 200 telephone calls a day from creditors of the companies.
Mosaic owed its secured lender £387.2m. When liabilities to trade creditors and other creditors are added, the company had £519m in liabilities.
Over the year to January 31, the companies made a pre-tax loss of £65.9m, versus £30.2m.
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