// British Land drops case against Monsoon Accessorize’s CVA
// The fashion can now slash rents by around 25% to 65% across half of its 258-store estate
// British Land owns just 5 of Monsoon Accessorize’s shops
High street landlord British Land has dropped its legal challenge against Monsoon Accessorize’s CVA.
British Land, which owns Sheffield’s Meadowhall, dropped the legal challenge, allowing Monsoon Accessorize to go ahead with its restructuring plan, Sky News reported.
The fashion retailer can now proceed to slash rents by around 25 per cent to 65 per cent across half of its 258-store estate.
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However, it is unclear as to what terms of any settlement between British Land and Monsoon had been made.
British Land owns just five of Monsoon Accessorize’s shops, but had reportedly been “angered” by some aspects of the CVA proposals, including the structure of new funding provided by the retailer’s owner, Peter Simon.
Monsoon Accessorize’s CVA was approved in July following creditors’ approval.
The fashion retailer said the restructuring plans would not result in any store closures.
Last week, British Land revealed that its occupancy rates was sitting at 97 per cent, despite being hit by store closures from retailers launching CVAs.
The property firm has been involved in several, including Sir Philip Green’s Arcadia Group.