Jun 24, 2019
Monsoon restructuring puts 36 stores at risk
More than 30 Monsoon and Accessorize stores could shut under the retailer's restructuring proposals even though the company has stressed its plans involve no immediate closures. Monsoon's proposed company voluntary arrangement, unveiled last week, envisages rent cuts of up to 65 per cent at 135 of its 258 stores. Landlords of the affected properties, which include Intu, Westfield and the Crown Estate, can give Monsoon 60 days' notice to vacate the stores as soon as the CVA takes effect. "Peter Simon has been a careful and responsible steward of Monsoon and Accessorize. He has ensured it has always been conservatively financed and invested heavily in its retail estate and infrastructure," Monsoon said. Mr Simon took the company private in 2007, and has taken dividends of more than £100m since then - although the company said he has not received a personal dividend for five years.
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