Monsoon Accessorize CEO quits a month after CVA approval
The chief executive of struggling fashion chain Monsoon Accessorize has quit, one month after it confirmed major restructuring plans.
The company has confirmed that Paul Allen has stepped down from his role leading the group. He had been with the business for six years, having initially joined as finance director before promotion to CEO in 2015.
Monsoon Accessorize said Allen had “played a major part in the business over the last few years through both good times and more difficult times”.
Peter Simon, founder of the fashion business, said: “I would like to personally thank him for his contribution and wish him well for the future.”
Most recently, Allen led the company through a major restructuring which enabled the company to secure rent cuts to reduce its costs. Last month, creditors backed plans to reduce rents on 135 stores as part of a company voluntary arrangement (CVA).
Monsoon has 258 stores across the country but previously warned that restructuring was needed to address its “unaffordable” rent bill, due to the crisis on the British high street.
As part of its CVA, Simon agreed to provide an emergency £12 million loan – which will be repaid first if the company fails – and a further unsecured credit facility of £18 million at 0% interest.