However, it is hoped the pre-pack deal could eventually save more than 2, jobs which previously hung in the balance. It comes after the coronavirus lockdown forced the closure of all Monsoon and Accessorize stores, and pushed the company into administration last night. Subscribe to the City A. Boris Johnson admits fault in government response to Tory sleaze saga Tory sleaze scandal.
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In May, Monsoon Accessorize said it was on the brink of falling into administration, which would place jobs at risk of redundancy. FRP Advisory were placed on stand-by to file a notice of intention to appoint administrators.
On June 2, Monsoon Accessorize warned landlords that they have a week to offer up rent waivers or it will permanently close down stores. On June 9, Monsoon Accessorize fell into administration, blaming the impact of Covid and adding that the subsequent lockdown since late March made the business unviable.
Simon almost immediately bought the retailer out of administration, via a pre-pack administration deal, and said there would be an immediate loss of jobs and 35 store closures. Monsoon Accessorize will be working with Harper Dennis Hobbs to secure new leases with landlords and reopen stores as quickly as possible. Lockdown has seen footfall decrease dramatically on the high street, and Monsoon and Accessorize have emerged as just one of many examples that have not been able to cope with the sudden dry-up of in-store customers.
With the effect of coronavirus bringing a sudden stop to trade on the high street, high overheads such as leases, and increased global competition via online shopping services have been the downfall of many retailers.
While executives said that both Monsoon and Accessorize were trading well prior to the pandemic, neither could withstand the impact of closing for three months, which may suggest a fundamental lack of agility to react to changing consumer behaviour, both in terms of journey and choice.
Catherine Erdly, founder at business consultancy firm The Future of Retail, agreed. She added that the retailer was facing problems prior to the pandemic — the main one being the increasing need to remain relevant.
In October its auditors from BDO cast further doubt on its financial viability by suggesting that covenants were expected to be breached. Michael Mulligan, insolvency partner at law firm Shakespeare Martineau, agreed. Retailers are forecast to continue going under over the coming months, even after lockdown restrictions are eased, meaning landlords are increasingly at risk of being left with vacant buildings. The retailer may also need to see an improved product range while retaining the influence of s Asian-inspired fashion.
If lease terms cannot be restructured sufficiently to make stores viable it is only logical that loss-making stores should be closed, and its high street presence scaled back. There is no point acquiring a business out of administration without addressing the issues that saw it fail in the first place. Either way, Monsoon Accessorize may not be the last retailer to enter administration as a result of Covid More and more retailers are coming to terms with the harsh reality from the impact of the pandemic and are recognising that restructuring is unavoidable.
I like their bags which are good value but they appeal to a younger market now. The clothes are dated and poor quality and so mid market that for the price they are like Debenhams and M and S. The same with the bags. I prefer quality and will pay the price so long as it lasts rather than cheap and cheerful.
Having dual stores was also a mistake. Why should they waive their rent. Out dated and old fashioned.
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