Monsoon to speed up site closures with possible CVA

0 The owner of Monsoon and Accessorize has closed almost 40 branches in the past two years

Monsoon and Accessorize could be the latest retail chains in line for a store shake-up after the owner of both brands called in advisers to speed up its closure process.

Holding company Drillgreat has brought in Deloitte to prepare plans for a possible Company Voluntary Arrangement (CVA), the same process through which retailers New Look and Mothercare closed shops last year.

Any proposals are also likely to include rent reductions on Monsoon and Accesso

rize’s joint estate of almost 270 sites. A spokesman said: “We have steadily reduced our store portfolio in recent years and shall continue to do so as leases expire. We are looking at options to accelerate these store closures.”

Earlier this year it emerged that Monsoon Accessorize was seeking rent cuts at some of its sites, but a spokesman denied that a CVA was on the cards at the time. It has closed almost 40 branches in the past two years, as well as relocating and downsizing others.