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One of Britain’s biggest high street retailers, Monsoon Accessorize, has decided to close its largest shops. The retailer will shutter the dual outlets across the country as its leases expire over the next five years, according to the Guardian. A total of 141 stores will be affected out of the company’s 300.
After a rapid expansion under former chief exec John Browett, the company faces fierce competition among women's wear retailers, and is having trouble leveraging its double-stores.
The Guardian reports there are rumours that Monsoon Accessorize was considering a company voluntary arrangement, an insolvency procedure that allows a retailer to walk away from its rental agreements and close stores quickly. [Guardian]
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