Monsoon Accessorize’s Irish business is no longer in examinership after the High Court today approved an investment programme which will save 11 stores and 200 jobs.
PwC examiner Declan McDonald, who was appointed when the retailer was placed into court protection on March 5, successfully put forward an investment plan under which the retailer’s parent company, Monsoon Accessorize Ltd, has written off debt of more than €5.6m.
It also agreed to invest further “substantial sums” in the business to secure its long-term future.
The decision saves 11 of the fashion and accessories retailer’s stores but it will close three Monsoon Accessorize stores and four of its Accessorize stores will also shut.
Three shops that were under threat of closure will now remain open under the plan.
Monsoon Accessorize’s retail director Gail Ford-Hills said: “This agreement and court approval will enable [Monsoon] to move ahead on a sound footing and continue to serve its customers in Ireland for many years to come. This has been a difficult time for [the retailer’s] employees since we entered this process in March and so the confirmation by the High Court today of the restructuring plan comes as a great relief.
“We do regret having to close seven unsustainable stores, which will unfortunately result in some job losses. Overall we believe this plan is the best possible outcome to secure the future of the business and we look forward to continuing to operate in Ireland.”
The Whitewater Shopping Centre, Newbridge
Liffey Valley Shopping Centre, Dublin
Grafton Street, Dublin
Mahon Point Shopping Centre, Cork
Jervis Centre, Dublin
The Crescent Shopping Centre, Limerick