Local fashion store Principles has become the latest casualty of the recession, being the fourth store in Athlone Towncentre to close down since the beginning of this year.
The popular Athlone store closed its doors to the public last Thursday, after the UK-based company went into administration early in March.
Two other stores in Athlone Towncentre have closed in recent months as a result of their companies going into administration; entertainment store Zavvi ceased trading in January, while Barratts closed its doors in February. Newsagents Ben Adams also closed before Christmas.
The owner of Principles, Mosaic Fashions Ltd, went into administration on Monday March 2. The company’s main brands, Coast, Oasis, Warehouse - all of which have a presence in Athlone - and Karen Millen, were quickly transferred to a new company, Aurora Fashions.
Principles continued to trade under administration while discussions took place to find a buyer. However, according to a statement from administrator Deloitte, “Given current market conditions, we have been unable to find a suitable buyer to take the business on as a going concern.”
The majority of the Principles stock was sold to Debenhams, the high street department store which is to continue operating the Principles brand.
