Monsoon Accessorize German arm appoints administrator
The German arm of fashion and accessories retailer Monsoon Accessorize has filed for insolvency proceedings to be opened for its assets but its 30 stores remain operational for now.
The move which does not affect the Monsoon Group, its UK or online operations, was made following a change in customer behaviour, which led to a drop in revenues in Germany. The British business first opened a store in Germany in 2006.
Ivo-Meinert Willrodt from PLUTA Rechtsanwalts GmbH has been appointed provisional administrator and said: “We are currently in the process of obtaining an initial overview of the financial situation. Business is being maintained without restriction at all branch stores. The customers can continue shopping as usual in the local stores.”
“We are aiming to find an investor,” added Willrodt, who will be working on the administration with colleagues Marlene Scheinert and Hans-Christian Källner.
In the UK Monsoon Accessorize, which was founded by entrepreneur Peter Simon in the 1970s, is undergoing a restructuring, which was announced in 2016, involving the closure of 141 joint-branded stores over a five-year period.