Dune buys Shoe Studio and saves 1,660 jobs

LONDON (Reuters) - Footwear specialist Dune has bought the bulk of The Shoe Studio out of administration, saving 1,660 jobs, Deloitte said on Wednesday.

Deloitte, appointed administrator to The Shoe Studio on Monday, said the deal did not include 11 standalone stores, whose 90 employees had been made redundant.

The Shoe Studio was placed into administration, a form of protection from creditors, as part of Mosaic Fashions.

Most of Mosaic’s brands, including Karen Millen and Warehouse, were immediately bought out of administration by Aurora Fashions, a new company led by Mosaic’s main creditor, Icelandic bank Kaupthing, and including Mosaic management.

Mosaic’s Principles business remains in administration, but Deloitte said on Monday it had received expressions of interest in that business as well.

Reporting by Mark Potter; Editing by Mike Nesbit