Jun 20, 2019

Monsoon calls on landlords to cut rents

Monsoon Accessorize is calling on landlords to reduce rents at more than half of its stores in return for a share of £10m future profits as the high street retailer seeks to cut costs. The retailer, founded by Peter Simon in the 1970s following a trip along the hippie trail to Asia, on Thursday said it would launch two separate company voluntary arrangements through which it will seek to lower rents at 135 out of the group's 258 leased stores, but will not close any outright at present. A CVA allows a company to restructure its finances by agreement among its unsecured creditors, without recourse to a bankruptcy court. The insolvency procedure is widely used by retailers to secure cuts in rents from landlords. Monsoon's landlords will share £10m if the company's profitability is restored in future years, a similar arrangement to that proposed by department store chain Debenhams when it launched a CVA in April.

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