Aurora, the new name of the Oasis-to-Karen Millen fashion business Mosaic, is asking landlords of up to 90 of its stores to dramatically reduce their terms to prevent it from shutting the outlets.

The retail group has also entered into negotiations with the landlords of all of its 900 UK stores to pay rent on a monthly basis, as opposed to quarterly.

According to property sources, Aurora is asking certain landlords if it can pay rents equivalent to 10pc of the store’s turnover, while it is asking other landlords for a four-month rent-free period starting this month.

Daily Telegraph