Details have emerged of Monsoon Accessorize’s store closure programme as it plans to phase out its dual fascia stores over the next five years.
Privately-owned Monsoon Accessorize operates 141 dual fascia stores. The vast majority of those will close over the next five years as leases expire.
In future, the 43 year-old fashion retailer will run separate Monsoon and Accessorize stores, as Retail Week reported in May.
Overall, it operates 300 stores and employs around 5,500 people.
Staff working at dual fascia stores may be redeployed as separate new fasciae are opened nearby but some staff are expected to lose their jobs, Retail Week understands.
Monsoon Accessorize has struggled in a tough fashion market recently. In May it reported that EBITDA had plunged 59% to £19.3m in the year to August 29, 2015.
Total sales in the period fell 8.6% to £434m. Monsoon did not disclose a like-for-like sales figure.
Overall, Monsoon recorded a net loss of £617,000 for the year, compared with a profit of £18m the prior year.
It installed Paul Allen as its permanent chief executive in January, nearly a year after he became interim boss.
Allen, who joined Monsoon in 2013 as finance director, took over from John Browett as its chief last February. Browett left to become chief executive at Dunelm Group.
Allen had previously spent 10 years at Jacques Vert as chief executive.
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