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Gloucestershire Business News

Monsoon Accessorize close to collapse

In more bad news for the high street, Monsoon Accessorize is reportedly on the brink of going into administration, putting 3,500 jobs at risk.

It's thought that the fashion retailer, which has stores in Gloucester, Cheltenham and Cirencester, is readying FRP Advisory to file a notice of intention to appoint administrators over the next few days, as reported by Retail Gazette.

The company's owner is said to be looking for a buyer for the business and is in talks with several potential bidders. Although it looks like it could already be too late to save the Gloucester store, which has been stripped bare during lockdown.

FRP Advisory has been working with the retailer since the end of March, when it was brought in to explore options after lockdown forced it to close its 220 stores.

Monsoon Accessorize had already been struggling before Covid-19 hit and had secured a CVA last July, leading to the closure of 40 stores and a reduced rent on 135 others.

If the administration goes ahead, Monsoon Accesorize will join a growing list of retailers which have opted for insolvency or a sale of the business since the start of the coronaviris crisis, including Oasis & Warehouse, Cath Kidston, Laura Ashley, Debenhams and Antler.

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