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.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.