The group, which was created out of the ashes of the Mosaic fashion group by former management and Icelandic bank Kaupthing after it went in to pre-pack administration, is also negotiating with the landlords of all of its 900 stores to pay rents monthly.
The retailer, which has appointed retail property agency Harper Dennis Hobbs to represent it in the negotiations, is reported to have asked certain landlords whether it can pay rent equivalent to 10 per cent of the store’s turnover. It is also asking other landlords for a four-month rent-free period from this month.
The renegotiation of rent terms forms a key part of the pre-pack administration process.
Aurora deputy chief executive Mike Shearwood told The Daily Telegraph: “We are saying to the landlord: ‘You decide – we don’t want to close this store, so please help us to keep it open.’ It changes from case to case.”
Yesterday, Deloitte - the administrator to Mosaic - sold the fashion group's Shoe Studio chain to footwear retailer Dune, saving 1,570 jobs.
The sale of Principles is expected this week, with former co-owner Peter Davies vying with Debenhams to acquire the business.
However, Davies may be forced out of the running, as the administration process has reduced the timescale by which Davies needs to secure funding.
Baugur bosses Jon Asgeir Johannesson and Gunnar Sigurdsson are understood to have registered a new company in the UK and located offices for the venture.