A total of 35 Monsoon stores will stay shut across the UK after parent company Monsoon Accessorize fell into administration.
Around 545 staff will now be made redundant – but a deal has been agreed to save the majority of the chain’s outlets.
The store’s founder, Peter Simon, bought the business out of administration almost immediately and promised to inject £15million into the business and negotiate better deals with landlords.
The news will come as a blow to the staff at the RVP branch who have been on furlough since lockdown began, and comes just days before non-essential retailers are allowed to open their doors again for the first time on Monday [June 15].
The remaining stores will trade under Mr Simon’s Adena Brands.
Tony Wright, joint administrator at FRP, said: “We had to move quickly and decisively to secure the future of Monsoon and Accessorize, as many jobs as possible and the presence of these two iconic brands on the UK high street.
“After assessing a range of options, this deal achieves those goals with least disruption to the business in an already challenging retail environment.
“We are now committed to working with Adena Brands as they enter talks with landlords to agree future terms across their store portfolio and look to transfer more jobs to the buyer.
