Jun 10, 2020

Monsoon and Quiz launch insolvency proceedings

Hundreds more stores are at risk of disappearing from UK high streets after fashion retailers Monsoon and Quiz launched insolvency proceedings that effectively released them from contracts with landlords. There are 230 Monsoon and Accessorize stores, of which 35 will close immediately with the loss of more than 500 jobs. Aim-traded fast-fashion brand Quiz said it would put the holding company for its store estate into a pre-pack administration. KPMG will act as administrators and sell the subsidiary, which controls 82 stores in the UK, to the parent group for £1.3m. The group's international operation, its concessions in department stores such as Debenhams, and its online business are not affected. The transaction means Quiz can occupy its stores under licence from KPMG until it negotiates new leases with the owners of the shops.

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