ANOTHER high street name could soon be no more as Principles is in administration.

Mosaic, the company which owns Warehouse, Karen Millen, Oasis and Principles among its stores, has gone into administration with debts of around £400m.

Warehouse, which is a Creasey’s franchise locally, has been saved with Aurora Fashions, owned by Kaupthing Bank, which has bought the store as well as Karen Millen, Coast and Oasis.

However, Principles is left hanging in the balance as it is still in administration.

Andrew Pinsard (pictured), merchandise manager for Creasey’s, said the future of Principles was unknown at this stage.

‘We were contacted this morning by the company that’s bought Warehouse,’ he said.

‘The management hasn’t changed. As far as we are concerned they’ve contacted us and we are one of the stores they want to keep trading out of.

‘We are waiting for Principles to come back to us.’