Monsoon has asked landlords for rent cuts as it mulls accelerating the pace of its store closures.
A spokesman for the group, which operates 268 stores under its Monsoon and Accessorise fascias, told The Mail on Sunday that there were “currently no plans” for a CVA.
He added: “We are continuing to look at options to reduce our overall costs as we restructure the business in the UK and internationally. We have steadily reduced our store portfolio in recent years and shall continue to do so as leases expire. We will look at options whether to accelerate these store closures.”
Monsoon, which is owned by founder Peter Simon, has struggled to remain relevant to shoppers on a crowded, discount-heavy high street.
Its last available results, for the year to August 27, 2016, showed narrowing losses but flat sales.
At the time, chief executive Paul Allen said the business was experiencing “probably the most difficult” trading environment in its 45-year history, with in-store sales a particular problem.
The trading landscape has significantly worsened in the intervening period.
The business has closed nearly 40 stores in the past two years. Its German business filed for insolvency last week.
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