British chain store Mosaic Fashions, in which Icelandic companies hold a majority stake, requested a moratorium on its payments yesterday. Iceland’s Kaupthing Bank and the company’s executives have taken its largest stake.
A new holding company, called Aurora Fashions, has been established to operate the chain store, while the subsidiaries of Principles and Shoe Studio have gone into a sales process, Fréttabladid reports.
Icelandic investment company Baugur Group used to hold a 49 percent stake in Mosaic Fashions. Kaupthing, which used to own one fifth of the company, now holds a 90 percent stake and the company’s executives share the remaining ten percent.