57 Monsoon Accessorize stores potentially saved as landlords cut rents
Monsoon Accessorize has reportedly retained 57 more stores after a larger number of landlords than predicted have agreed to base rent deals on turnover.
The retailer originally planned to reopen only 100 of its previous 230 shops, but it should now operate 157, which means that 2400 jobs may have been saved, The Telegraph reported.
The stores are still, for now, under the control of administrator FRP Advisory after the brand itself — along with its head office, design teams and distribution centre — was repurchased by a vehicle controlled by founder Peter Simon.
FRP said, the shops will be open by the end of next month.
Meanwhile, founder Simon said that he was grateful to landlords for being helpful during a difficult process. “Monsoon and Accessorize will continue to have a strong presence on the high street,” he added.
The retailer has now begun to reopen its stores with more than 30 now up and running. It’s unclear what impact the latest development will have on the Monsoon brand itself.
Last week in a BBC radio 4 interview, Simon said that of the 100 stores that are planned for reopening, only six to 10 of them will be Monsoon shops.
During lockdown, the retailer went into administration, placing 2300 jobs at risk.
However, a day later Simon’s Adena Brands bought out the retailer, resulting in an immediate loss of 545 jobs and 35 store closures.
A number of retailers are increasingly steering towards turnover-based rents.
A raft of stores from AllSaints to Frasers Group, TM Lewin and New Look, are in talks with their landlords about changes to the way they pay rent to reflect store takings.