Monsoon ‘planning store closures’ putting Princes Quay branch at risk

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High street fashion chain Monsoon Accessorize is reportedly planning a wave of shop closures.

Monsoon, which has a store in Princes Quay Shopping Centre in Hull, currently has more than 250 branches across the UK.

It has been reported by Sky News that “dozens” of store closures could be announced in the coming weeks.

According to reports, the group has appointed Deloitte to prepare a Company Voluntary Arrangement (CVA) that would ask for creditor approval for the closures – as well as seeking rent reductions from existing landlords.



Princes Quay shopping centre
Princes Quay shopping centre

Bigger stores with both Monsoon and Accessorize branding on the shop front are seen as the main targets for closures.

A company spokesman said: “The UK retail trading environment is tough and we are continuing to look at options to reduce our overall costs as we restructure the business in the UK and internationally.

 

“We are looking at options to accelerate these store closures.”

Accessorize in Beverley has already closed its doors, and is set to be replaced in the market town by Space NK.

Details of potential store closures by Monsoon have not been revealed by the high street chain. However, Monsoon currently has a large shop in Princes Quay.

It comes as the country’s high street battle continues, as big names continue to close stores and leave shopping streets dotted with ‘to let’ signs.

 

Whitefriargate in Hull has been blighted by closures in recent times, with the likes of Ann Summers, Grainger Games and Bonmarche all disappearing.

They are set to be joined by Marks & Spencer – which is expected to close next month – and Boots, which is shutting its doors as part of a move to a new flagship store in St Stephen’s Shopping Centre.

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