Money: Monsoon Accessorize boss quits embattled retailer weeks after restructuring - PressFrom - United Kingdom
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MoneyMonsoon Accessorize boss quits embattled retailer weeks after restructuring

11:05  20 august  2019
11:05  20 august  2019 Source:   msn.com

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The chief executive of beleaguered high street retailer Monsoon Accessorize has quit , one month after it confirmed major restructuring plans. Monsoon has 258 stores across the country but previously warned that restructuring was needed to address its “unaffordable” rent bill, due to the

The chief executive of beleaguered high street retailer Monsoon Accessorize has quit , one month after it confirmed major restructuring plans. Monsoon has 258 stores across the country but previously warned that restructuring was needed to address its “unaffordable” rent bill, due to the

Monsoon Accessorize boss quits embattled retailer weeks after restructuring © Yui Mok The chief executive of beleaguered high street retailer Monsoon Accessorize has quit, one month after it confirmed major restructuring plans (PA)

The chief executive of beleaguered high street retailer Monsoon Accessorize has quit, one month after it confirmed major restructuring plans.

The company, which runs both the Monsoon and Accessorize fashion brands, confirmed that Paul Allen has stepped down from his role leading the group.

Mr Allen has left the retailer after six years, after he initially joined the firm as finance director before promotion to the top job in 2015.

The company said he “played a major part in the business over the last few years through both good times and more difficult times”.

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Monsoon Accessorize has become the latest casualty of Britain's high street bloodbath as the fashion retailer is set to close 'dozens' of stores. One of Britain's biggest privately owned clothing firms, it has appointed Deloitte to oversee its insolvency to close stores just one week after Debenhams collapsed.

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Peter Simon, founder of the fashion business, said: “I would like to personally thank him for his contribution and wish him well for the future.”

Most recently, Mr Allen led the company through a major restructuring which saw Monsoon Accessorize secure rent cuts to reduce its costs.

Last month, creditors backed plans to reduce rents on 135 stores as part of a company voluntary arrangement (CVA).

Monsoon has 258 stores across the country but previously warned that restructuring was needed to address its “unaffordable” rent bill, due to the crisis on the British high street.

As part of its CVA, Mr Simon agreed to provide an emergency £12 million loan – which will be repaid first if the company goes bust – and a further unsecured credit facility of £18 million at 0% interest.

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