Monsoon Accessorize has rejected landlords’ demands for an equity stake in favour of a share of future profits, ahead of its mooted CVA proposal.
The embattled fashion retailer is expected to publish the proposal for its CVA later today. Founder Peter Simon will offer store owners up to £10m a year if Monsoon’s profits can recover, Sky News reported.
The proposal has been devised by Simon as the carrot to offer disgruntled landlords, having rejected initial requests from store owners for a £30m equity package to turnaround the business.
A group of as many as six landlords – including heavyweights such as British Land and Hammerson – are being advised by PJT Partners, which also worked with them on the recent Arcadia CVA.
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