Mosaic Fashion owns a series of high street chains. It was dumped into administration by its main backer, the Icelandic bank Kaupthing, on Monday. Kaupthing then immediately bought back Mosaic and changed the firm’s name. By doing this they wrote off some debts and snapped up the profitable bits of the company.
The only problem is that 4,200 low paid shop workers’ jobs are still on the line. Mosaic was in trouble in the first place because of the Icelandic bank collapse. But a clever accounting scam introduced by New Labour means the banks are fine – but the workers are still set to lose jobs.