Monsoon founder Peter Simon has led a buyout of the Monsoon Accessorize business from administrators FRP Advisory. The deal sees Adena Brands Ltd take the brands, IP, head office and distribution centre. However, 35 stores will immediately now close with the loss of more than 500 jobs.
The new business will, however, negotiate with landlords of the 200 or so remaining Monsoon and Accessorize stores, with the goal of securing deals on around half of them. This would see a significant number of jobs saved.
Online operations continue uninterrupted under the new ownership.
“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,” said Peter Simon. “This deal secures the future of both Monsoon and Accessorize and means we can continue to serve our customers online without a pause”.
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