The UK-based company Monsoon Accessorize, which owns the two eponymous fashion chains, has announced that it will close 35 of its 230 shops across the country, making 545 people redundant with immediate effect.
Monsoon Accessorize recently entered administration, however it was immediately bought out by its founder through the company Adena Brands, who purchased the two labels, the company’s head office, the design teams and the distribution centre as well as the majority of its shops. The owner explained that the financial problems were caused by the COVID-19 pandemic and by the consequential contemporary closure of all ‘non-essential’ shops in United Kingdom during the lockdown.
The management of the acquiring company declared their intention to save as many as 100 Monsoon Accessorize stores out of 230 and to continue providing a job to all the 2,300 former employees, although they cannot exclude further dismissals.
Monsoon was founded in London in 1973 and the first Accessorize shop opened in 1986. The company has subsidiaries in the Republic of Ireland, Denmark and France.