High street fashion retailer Monsoon is planning to close stores across the UK in order to cut costs, Retail Gazette understands.
A consultation process was started on September 19th 2011 to try and identify which outlets to lose, with the group currently running over 400 Monsoon and Accessorize, the retailer’s sub brand, stores in the UK and around 600 worldwide.
According to an employee at the retailer, no head office positions are believed to be under threat at present but the closing of shops will certainly lead to redundancies at the company.
Monsoon would neither confirm nor deny that a consultation process was underway when questioned by Retail Gazette, and did not wish to make a comment.
Many UK high street retailers have announced significant store reduction programmes over the last year, including household names such as Mothercare, HMV and Thorntons.
Whilst top-end and value fashion retailers have proved relatively resilient during the current downturn in consumer spending, some mid-range high street clothing stores have found it more difficult, with Gap and New Look among the businesses producing disappointing results recently.
It is not clear yet whether any Accessorize stores will close as part of this process.