The closures come despite Monsoon's founder Peter Simon buying the business out of administration almost immediately. "When you subscribe we will use the information you provide to send you these newsletters. The proposed deal asks for rent cuts on about two-thirds of Monsoon … The future of Monsoon Accessorize has been secured after founder Peter Simon led a buyout, although not all jobs and stores will be rescued. You can unsubscribe at any time.The high street giant has been heavily hit by the coronavirus pandemicThe chain was forced to close its stores because of the coronavirus lockdown
Adena will now enter talks with the landlords of Monsoon and Accessorize’s 162 remaining stores to see if they can reach terms to reopen them when the … Peter Simon (born August 1949) is a British businessman, and the founder and owner of fashion retailer Monsoon Accessorize. {{#singleComment}}{{value}} Comment{{/singleComment}}{{^singleComment}}{{value}} Comments{{/singleComment}} "We are now committed to working with Adena Brands as they enter talks with landlords to agree future terms across their store portfolio and look to transfer more jobs to the buyer. The future of Monsoon Accessorize has been secured after founder Peter Simon led a buyout, although not all jobs and stores will be rescued.The buyout deal from Adena Brands Ltd, a company ultimately controlled by Simon, covers the retailer’s brands, head office and distribution centre.Adena is now set to enter talks with the landlords of many of Monsoon and Accessorize’s 230 stores to see if they can reach terms to reopen them once the coronavirus lockdown ends on Monday.The firm said it hoped to save as many as 100 of those stores, meaning there are still potential jobs cuts in the future.Before it fell into administration last night, Monsoon Accessorize employed 2300 people across its stores and 4500 in the supply chain.Monsoon Accessorize said it went into administration last night because the impact of Covid-19 and the subsequent lockdown since late March made the business unviable.Following a sale process instigated by administrators from FRP Advisory, Adena acquired both Monsoon and Accessorize to ensure they continue to trade.The terms of the deal include a cash injection of up to £15 million by Simon, in addition to the £12 million he invested in the business at the time of its CVA last year.The acquisition encompasses the Monsoon and Accessorize brands and intellectual property, the head office and design teams, and the group’s distribution centre in Wellingborough, Northamptonshire.Both Monsoon’s and Accessorize’s online operations will continue to serve customers without a pause.“Both Monsoon and Accessorize were trading well before the coronavirus pandemic but the business simply could not withstand the financial impact of having to close all its UK, franchise and joint venture stores for almost three months,” Simon said.“This deal secures the future of both Monsoon and Accessorize and means we can continue to serve our customers online without a pause.“In addition, we will now try to save as many of our stores as possible, depending on the outcome of various discussions with landlords.“I would like to thank landlords for the helpfulness and enormous forbearance they have shown so far, which has enabled us to get to this point.“Ultimately, we hope to be able to save as many as 2300 jobs in this process, and more than 4500 in our supply chain, although unfortunately not all of them.“We believe that fashion has a future on the high street, and we are prepared to commit time and money making it work.“Monsoon and Accessorize will both emerge smaller and stronger after this but essentially the same – with our unique design flair and commitment to environmental standards and ethical trading intact.“I am looking forward to working with everyone to overcome this crisis and make the next chapter in our history a success.” We know 2020 has been a challenging year for workplaces around the world.
{{#replies}} "Both Monsoon and Accessorize were trading well before the coronavirus pandemic but the business simply could not withstand the financial impact of having to close all its UK, franchise and joint venture stores for almost three months.“This deal secures the future of both Monsoon and Accessorize and means we can continue to serve our customers online without a pause. Monsoon was started in London in 1973 by Peter Simon, a market-stall trader, and opened its first shop in Beauchamp Place in May of that year. It has been reported that the business wrote to their store landlords, saying that the shops would have to close if their rent was not waived amid the coronavirus pandemic. News > Business > Business News Monsoon Accessorize future hangs in balance despite turnaround deal, accounts show. Founder Peter Simon bought Monsoon Accessorize out of the pre-pack administration almost immediately this week, however, there are still said to be 545 jobs losses. George Simon, 32, the son of Monsoon tycoon Peter Simon, died when his Porsche 911 Turbo ploughed into a tree in North Marden, near Chichester in West Sussex. Created with Sketch. The 35 stores closing include branches in Basildon, Lancaster, Lincoln, Maidstone and Camberley, among others. Monsoon went into administration in June 2020 as a result of being forced to shutter its estate during lockdown, but was bought back by its founder Peter Simon in what is known as a … Ourexplains more about how we use your data, and your rights.
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