Date Posted: Thursday 11th June 2020
It has been reported that Monsoon Accessorize has been acquired out of administration by its owner, Peter Simon. Simon bought the business from new holding company Adena Brands after the stores went into administration on 9 June, citing the impact of Covid-19 and the lockdown since late March.
This move is intended to save as many as 4,500 jobs but it has been reported that 35 stores will permanently close as part of the pre-pack deal.
Simon said: "Both Monsoon and Accessorize were trading well before the coronavirus pandemic but the business simply could not withstand the financial impact of having to close all its UK, franchise and joint venture stores for almost three months."
He went on to say: "This deal secures the future of both and means we can continue to serve our customers online without a pause. In addition, we will now try to save as many of our stores as possible. I would like to thank landlords for the helpfulness and enormous forbearance they have shown so far. We believe that fashion has a future on the high street, and we are prepared to commit time and money making it work."
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