The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Basildon Bexleyheath Burton-on-Trent Camberley Canterbury Carlisle Chelmsford Crawley Derby Hereford Hitchin Huddersfield Kilkenny Lancaster Lincoln Liverpool Airport Maidenhead Maidstone Middlesbrough Newark Newtownabbey Northampton Southend St Albans
Sector
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Other Goods In Specialised Stores 47.71 - Retail sale of clothing in specialised stores
545 jobs Number of planned job losses
Announcement Date
10 June 2020
Employment effect (start)
10 June 2020
Foreseen end date
Description
The UK-based company Monsoon Accessorize, which owns the two eponymous fashion chains, has announced that it will close 35 of its 230 shops across the country, making 545 people redundant with immediate effect.
Monsoon Accessorize recently entered administration, however it was immediately bought out by its founder through the company Adena Brands, who purchased the two labels, the company’s head office, the design teams and the distribution centre as well as the majority of its shops. The owner explained that the financial problems were caused by the COVID-19 pandemic and by the consequential contemporary closure of all ‘non-essential’ shops in United Kingdom during the lockdown.
The management of the acquiring company declared their intention to save as many as 100 Monsoon Accessorize stores out of 230 and to continue providing a job to all the 2,300 former employees, although they cannot exclude further dismissals.
Monsoon was founded in London in 1973 and the first Accessorize shop opened in 1986. The company has subsidiaries in the Republic of Ireland, Denmark and France.
Eurofound (2020), Monsoon Accessorize, Merger/Acquisition in United Kingdom, factsheet number 100915, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/100915.
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