An Icelandic investor in a number of high street names with branches in Canterbury has applied for protection from its creditors.

Baugur Group and a number of its subsidiary companies have applied to the district court in Reykjavik to enter into a so-called moratorium process.

The move follows a decision by Landsbanki, the nationalised Icelandic bank, to discontinue discussions on potential restructuring of the struggling investor.

Baugur has a string of investments in big-name retailers.

They include Jane Norman and Goldsmiths, which have branches in Whitefriars, Iceland and Mosaic Fashions, which owns and operates womenswear fashion brands including Karen Millen, Coast and Oasis.

There are Karen Millen and Coast in Whitefirars and Oasis has a concession in Fenwick.

Companies related to Baugur employ some 50,000 people worldwide in over 3,500 stores with a total turnover of £5.4 billion.