Monsoon not looking to close stores in CVA

Monsoon liverpool street 22 september 2016

Monsoon is not looking to close any stores as part of its delayed CVA proposal, but it is looking to resize a number of units in its estate as well as slash or even eliminate rents on a number of others.

A source close to the retailer said the embattled fashion chain had been in conversation for a number of months with landlords about slashing rents on some stores and getting rent holiday periods on others.

The retailer had tried to achieve these aims without the need for a CVA, but the source said landlords would not have those discussions without the financial restructuring tool being used.

Monsoon is not looking to close any of stores in its more than 270-strong estate as part of any CVA proposal, but Retail Week understands it is looking to resize a number of its units – both those trading under the Monsoon Accessorize dual fascias and standalone stores.

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