Monsoon Accessorize calls for rent cuts amid shop closures

Monsoon rent
// Monsoon has asked landlords for rent cuts
// The retailer, which owns 268 stores including Accessorize, has suffered a financial strain
// The group’s German business filed for insolvency last week

Monsoon Accessorize has asked for cuts to its rent bills as it considers “accelerating” shop closures amid one of the toughest trading periods for retailers.

The retailer, which operates 268 stores in the UK, has suffered a financial strain due to a decline in footfall, leading to unaffordable lease contracts, according to The Mail on Sunday.

Monsoon Accessorize has closed almost 40 stores in two years and the group’s German division filed for insolvency last week.

A company spokesman told The Mail on Sunday there were “currently no plans” for a CVA.

He added: “The UK retail trading environment is tough and we are continuing to look at options to reduce our overall costs as we restructure the business in the UK and internationally.

“We have steadily reduced our store portfolio in recent years and shall continue to do so as leases expire. We will look at options whether to accelerate these store closures.”

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