2,300 people lose Principles jobs

It has been confirmed hightstreet store Principles has gone bust.

2,300 staff are to face job losses as stores across the country are preparing to close. At least 66 Principles stores are to be shut down after owner Mosaic Fashions, was placed into administration earlier last week.

The credit crisis is still effecting all areas of the country, and after the closing of famous store Woolworth's, who knows whats next?

Mosaic Fashions also owned Karen Millen, Warehouse and Oasis, which were saved when a deal was struck with Icelandic bank Kaupthing.

"We will be working closely with the Redundancy Payments Office and Job Centre Plus to provide support for these staff, which will include a fast track process for paying redundancy entitlements," a spokesperson said.

High street retailer Debenhams will be acquiring most of the stock, which i think is the only positive aspect of the desicion. In my home town we don't have a Principles store, but their is a section for their clothes in department store House Of Fraser.

If this is the same in other towns, does this mean Principles will be taken out of the original department stores they are in and moved to Debenhams? And if so, will all Principles staff be replaced by Debenhams staff? i guess we'll have to wait and see!