Principles jobs under threat

Around 2,300 retail jobs in Ireland and the UK were under threat tonight after it emerged administrators had failed to secure a buyer for the Principles chain.

Sources said Debenhams would buy Principles stock from Deloitte, but not the chain’s stores or brand, throwing doubt on the future of staff.

Principles trades from more than 400 outlets in Britain and Ireland – 94 standalone stores and the rest concessions – and employs more than 2,300 staff.

Its parent company, Mosaic Fashions, went into administration on Monday, with several of its brands immediately sold to a new company controlled by Icelandic bank Kaupthing, to which Mosaic owed £400m (€445m).

Debenhams already has Principles concessions in its department stores.