Monsoon Accessorize is on the brink of becoming the latest retailer to tumble into administration amid the coronavirus crisis, putting 3,500 jobs at risk.

The fashion retailer has lined up FRP Advisory to handle the process and plans to file a notice of intention to appoint administrators in the coming days, Sky News reported.

Monsoon Accessorize’s 220 stores have been closed since March as a result of the pandemic. Owner Peter Simon has been seeking a sale of the business since then but is yet to find a buyer, though he is understood to be in talks with a number of potential bidders.

Simon could yet buy back a portion of the business, should it collapse.

The anticipated administration would come less than a year after Monsoon launched a CVA, allowing it to close 40 stores and slash rents at 135 other locations.

Simon injected £12m of his own cash into the business as part of the CVA process but that has been spent.

The entrepreneur is now expected to write to landlords to ask for rent-free deals for several months to allow more of Monsoon’s stores to continue trading.

The potential demise of Monsoon Accessorize would add to the list of names that have gone bust since the coronavirus crisis took hold in the UK.

Debenhams, Cath Kidston, Laura Ashley and Oasis Warehouse have all tumbled into administration since March as the high street grapples to survive the pandemic.