Mosaic has issued a statement confirming that Kaupthing will waive interest payments and temporarily waive its rights on selected financial covenants until its next payment date.
The fashion group behind brands including Karen Millen, Coast, Warehouse and Oasis said in a statement that it would not split the fashion group up beyond the sale of its Shoe Studio Group or Principles. The latter is not officially being marketed.
Mosaic’s management is in talks with nationalised Icelandic bank Kaupthing over securing the financial future of the group.
The retailer said: “There has been considerable speculation in the UK press on the outcome of the discussions with Kaupthing Bank and on the future of Mosaic Fashions. However, no conclusion on the restructuring discussions, which continue to progress satisfactorily, has yet been reached.”
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