The fashion retailer is said to be weeks away from shutting down shops after having called on accounting organisation Deloitte to prepare a Company Voluntary Arrangement (CVA), according to Sky News. Monsoon Accessorize currently has almost 270 stores in the UK, but it is not immediately clear how many stores could be in the firing line. According to reports, larger stores comprising both Monsoon and Accessorize are said to be highlighted as ones set for closure. For those that do remain open, landlord approval for rent reductions will be required, it has been suggested.
A company spokesmen told Sky News: “The UK retail trading environment is tough and we are continuing to look at options to reduce our overall costs as we restructure the business in the UK and internationally.
“We have made no secret of the fact that we have steadily reduced our store portfolio in recent years and shall continue to do so as leases expire.
“We are looking at options to accelerate these store closures.”
Monsoon Accessorize is owned by Peter Simon, its founder.
Express.co.uk has contacted Monsoon Accessorize for further comment.
The UK high street has been battered by falling sales thank to the rise of online shopping in recent years.
Just last week it was announced Debenhams had plunged into administration after rejecting a revised last-ditch offer from Sports Direct owner Mike Ashley.
The UK’s largest department store chain suspended trading almost instantly after turning down a revised £200 million rescue offer from the billionaire business tycoon.
L.K Bennett last week confirmed they were closing 15 stores after the fashion retailer was not able to sell them during their administration sales.
While this month also saw supermarket chain Tesco reveal the closure of it’s deli counters in 90 stores.
B&Q owner Kingfisher was reported earlier this month to be considering axing another 15 stores amid tumbling annual profits.
Back in December, Laura Ashley announced it will shut around 40 stores.
New Look, Toys ‘R’ Us, Maplin and Marks and Spencer also announced major closures in towns across the country in 2018.
Several others – including Superdry, Carpetright and Card Factory – have all issued profit warnings.
Published at Mon, 15 Apr 2019 10:59:00 +0000