Apr 16, 2019

Monsoon Accessorize poised to close stores

Fashion chain Monsoon Accessorize is the latest British high street retailer to seek a company voluntary arrangement as it aims to cut costs and restructure its business. The privately owned company, which operates 450 stores in the UK, has appointed Deloitte to start the process, according to a source close to the business. A Monsoon spokeswoman said that in the "Tough" retail environment the chain would be "Continuing to look at options" to reduce costs and restructure the business. "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 added. In its most recent accounts to August 2017, Monsoon reported a loss before tax of just over £3m, with its parent company Drillgreat reporting losses of just over £10m for the same period.

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