MONSOON Accessorize is permanently closing 35 stores with the loss of 545 jobs.
The retailer has collapsed into administration after the coronavirus crisis shattered its turnaround plan.
Monsoon Accessorize is permanently closing 35 stores with the loss of 545 jobs.
It comes a week after Monsoon Accessorize warned that it faced permanently closing stores within a week if landlords didn’t waive rent.
At the time, it was said that Monsoon’s founder and owner Peter Simon intended to buy back the business if he had to put it into administration.
Although, a source said that it was likely to return with fewer branches.
Landlords were given until June 8 to let the firm know if they intended to demand payment if administrators were formally appointed.
HOAR has asked the retailer for a list of the 35 stores set to close, and we’ll update this article once we hear back.
The chain temporarily closed all 220 Monsoon and Accessorize stores at the end of March when the government ordered all non-essential shops to temporarily shut to stop the spread of coronavirus.
The chain, which specialises in fashion and jewellery, employs around 3,500 people and wasn’t reported to be struggling before the pandemic hit.
Even though it has continued to operate online during lockdown, the sales are not said to make up for the losses felt in stores.
The retailer did go through a restructuring less than a year ago which saw Mr Simon inject £12million from his own pocket into the business.
It successfully fought off falling into administration, managing to cut rents for 135 shops although 40 had to be permanently closed.
More to follow…