Monsoon seeks rent cuts, says 'currently no plans' for a CVA

British womenswear retailer Monsoon is reportedly asking landlords for rent reductions as it considers “accelerating” store closures.

A Monsoon spokesperson told the Mail on Sunday that there were “currently no plans” for a CVA, adding: “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.”

Monsoon and its sister brand Accessorize have closed almost 40 stores in the past two years, with the group’s German business filing for insolvency last week.

Last month, British retailer New Look announced that its Belgium arm was filing for insolvency following a review of its financial and trading positions. Similarly, in the same month, River Island announced it would be closing all of its stores in the Netherlands and Belgium following several years of poor sales in the region.

Photo credit: Monsoon, Facebook