Monsoon Accessorize teeters on brink of administration
Fashion retailer Monsoon Accessorize is preparing to appoint administrators, putting up to 3,500 jobs at risk, as the coronavirus crisis continues to pile pressure on the already struggling UK high street.
Monsoon Accessorize is expected to file a notice of intention to appoint administrators in the next few days, Sky News reported.
FRP Advisory, which has been advising the retailer, has been lined up as administrator.
Monsoon Accessorize, which is still in talks with a number of potential buyers and investors, is expected to permanently close some of its 220 stores as part of any administration process, City PM understands.
Multi-millionaire entrepreneur Peter Simon, who owns the fashion group, is understood to be preparing to bid for the firm if it falls into administration.
Sky News reported that Simon is expected to write to Monsoon Accessorize landlord’s tomorrow demanding a rent-free deal for several months to support the retailer through the coronavirus pandemic.
Landlords that refuse the rent holiday are likely to see the stores close, the broadcaster said.
Monsoon Accessorize last year secured approval for its Company Voluntary Arrangement (CVA), which cut rent for 135 branches and 40 stores close.