The future of the Principles store in Athlone Towncentre could be at risk if a buyer is not found for the company, it emerged this week.
The owner of Principles, Mosaic Fashions Ltd, went into administration on Monday. The company’s four 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, while The Shoe Studio was bought by footwear specialist Dune.
However Principles continues to trade under administration while discussions take place with interested parties to find a buyer.
“As the only remaining entity, Principles will continue to trade whilst a buyer for the business is sought, with discussions with various interested parties continuing,” read a statement from administrators Deloitte this week.
According to Deloitte, the Principles brand currently employs over 2,300 staff and trades from over 400 outlets across the UK and Ireland, including the popular store in Athlone Towncentre.
The Principles website has been made unavailable and carries a message confirming that the administrators now manage the affairs, business, and property of the company.
Two 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.
