// Monsoon Accessorize CEO Paul Allen resigns after 4 years
// Allen’s position will not be replaced
// He first joined Monsoon Accessorize as finance director in 2013
Monsoon Accessorize chief executive Paul Allen has resigned from his role just after four years of serving.
The fashion retailer said Allen will not be replaced.
He first joined Monsoon Accessorize as finance director in 2013, before being promoted to chief executive in 2015.
Allen’s resignation follows a tough trading period for the retailer, after creditors approved its CVA proposals in July following months of speculation.
First announced on June 20, the retailer’s CVA proposals did not include plans for any store closures – of which it operates 258 in the UK.
However, it has closed almost 40 stores in the last two years, as well as relocating and downsizing others.
Following the CVA approval, 135 out of the retailer’s 258 branches won rent cuts of between 25 per cent and 65 per cent for up to three years.
Meanwhile, Monsoon Accessorize founder and chairman Peter Simon, along with chief operating officer Nick Stowe, will run the business between them.
“I would like to personally thank Paul Allen for his contribution and wish him well for the future,” Simon said.