Monsoon Accessorize has gone into administration - with 35 stores set to close and more than 500 jobs at risk
Monsoon Accessorize has entered into administration, with more than 500 jobs at risk.
In total, 35 store closures have been announced in the UK and Ireland, with 545 staff to be made redundant - but a deal has been agreed in order to save the majority of the chain's outlets.
The store closures come even though Monsoon's founder, Peter Simon, bought the business out of administration almost immediately.
At the beginning of this month, it was reported that the business wrote to landlords saying that shops would have to close if rents were not waived.
It currently has around 220 stores across the UK.
However, as part of the deal, an additional 450 jobs will be transferred to Adena Brands, which is also owned by Mr Simon, who will also try to renegotiate with landlords in order to get a better deal on the remaining 162 store leases, administrator FRP said.
These 35 stores are set to permanently close in the UK and Ireland
- Cork, Patrick Street A, Republic of Ireland
- Cork, Patrick Street B, Republic of Ireland
- Dublin, Republic of Ireland
- Liverpool Airport
- St Albans
- Sutton Coldfield
- Tunbridge Wells
- York, Davygate