Yesterday afternoon, Mosaic Fashions entered administration. The Group’s four main chains were sold immediately—a move that safeguarded 8,700 jobs. The company that came to Mosaic’s rescue comprises the retailer’s management team and the Icelandic bank Kaupthing, Mosaic’s former lender.

To begin its second life afresh, Mosaic Fashions has cut all ties with its former owner Baugur and is now operating under a new name, Aurora Fashions.

“From today we look forward to a new and exciting future as Aurora Fashions,” said the company’s CEO, Derek Lovelock.

Five brands exist under the Aurora umbrella, namely Oasis, Karen Millen, Warehouse, Coast and Anoushka G. The sale of the remaining Mosaic brands, Shoe Studio and Principles, is yet to be finalized.

—Emma Holmqvist