In a double whammy for the high street, fashion retailer Monsoon Accessorize has closed 35 of its stores, while competitor Quiz has placed more than 80 outlets into administration.
Both have been shut since the UK went into a lockdown in 23 March 23 due the coronavirus pandemic, and face significant financial stress as they look to reopen sites and begin their recovery.
The government has said non-essential shops can resume from Monday 15 June, so long as they keep staff and customers safe with practices such as enhanced cleaning and social distancing rules.
Sky News first reported of Monsoon’s financial troubles last month, which put more than 3,500 jobs at risk.
Under a so-called pre-pack administration, the company has been brought out of insolvency by founder Peter Simon using buyout company Adena Brands.
As part of the deal, Mr Simon’s holding company will invest up to £15m into the business and will enter talks with landlords to seek rent reduction on 162 stores.
Source: Read Full Article