The local branch of the clothes store Principles says it's no longer able to honour any gift vouchers that customers may have.

Last week it was announced most of the company's 91 stores across Britain would be closing after the collapse of parent company Mosaic - which also owns the other high street chains Oasis, Warehouse, Coast and Karen Millen.

These have been bought by a new company, Aurora Fashions, but Principles was not included in the deal.

Aurora is owned by Icelandic bank Kaupthing and Mosaic's former management.

There's been speculation Debenhams is taking over 121 of Principles' 300 concessions, which already exist in its department stores, however it will not buy its 94 high street shops.

It's thought 66 of these will close, although it's hoped 19 will continue trading.

So far there's been no accouncement on the future of the Principles store in Duke Street in Douglas.

The shop's management was instructed at lunchtime on Monday not to take any more gift vouchers.

Instead, any customers who present vouchers will be given an address to contact the administrators.

A spokesperson said they can only apologise to their customers and had advised last week to use any vouchers they may have as soon as possible.