Monsoon Accessorize Ireland has filed a notice to appoint an examiner today after the business revealed it has been making losses amid a difficult Irisheconomy.
The fashion and accessories retailer, which has 20 stores in the Republic of Ireland, submitted an application to the High Court to appoint PwC examiner Declan McDonald.
If the application is approved by the courts, the retailer will trade as normal while the examiner looks to strengthen the businessâ finances.
Monsoon Accessorize blamed the businessâ difficulties on the tough economic conditions in Ireland and the high costs of its store leases. It said it has been making losses âfor some timeâ.
It said talks with landlords earlier this month to negotiate a reduction in the cost of its leases with its landlords in order to âplace the business on a strong financial footingâ failed.
The retailer will continue to honour gift cards and credit notes.
It has traded in the country for 18 years and said it âremains wholly committed to operating in the country, but it cannot continue to suffer such significant losses for an indefinite periodâ.
Monsoon Accessorize retail director for Britain and Ireland Gail Ford-Hills said: âWe very much regret having to take this course of action, but after our negotiations with landlords failed to deliver a workable proposal we realised we had no option given the ongoing level of losses in the business.
âIf the appointment is approved by the High Court we will work closely with Mr MacDonald to come up with the best possible solution to strengthen Monsoon Accessorize Ireland and secure its position in the Republic of Ireland for years to come.â
Retail Week last month revealed Monsoon Accessorize had appointed fomer Dixons and Apple retail boss John Browett as its new chief executive. Browett officially began work at the retailer yesterday.
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