Monsoon´s Irish business exists examinership

Monsoon Accessorize’s Irish business is no longer in

examinership after the High Court approved on June, 14th an investment programme which will save 11 stores and 200 jobs. The Irish arm of the fashion chain has written off debt for over 5.6 million pounds.

PwC examiner Declan McDonald, who was appointed when the retailer was placed into court protection on March 5, successfully put forward an investment plan under which the retailer’s parent company, Monsoon Accessorize Ltd, has written off debt of over 5.6 million euros. It also agreed to invest further “substantial sums” in the business to secure its long-term future.

In early March, Monsoon Accessorize Ireland Limited, which runs the Irish outlets of Monsoon and Accessorize, applied to the High Court to enter examinership as “necessary and unavoidable” for the Irish stores. Declan McDonald of PwC was appointed to take charge of the company. Examinership allowed the firm to construct a business plan which could rescue the firm, without the risk of facing a court petition asking to have the company wound up for unpaid bills, explained the company at that time.

Now, two months later, Monsoon Accessorize’s retail director Gail Ford-Hills said: “This agreement and court approval will enable Monsoon to move ahead on a sound footing and continue to serve its customers in Ireland for many years to come. This has been a difficult time for [the retailer’s] employees since we entered this process in March and so the confirmation by the High Court today of the restructuring plan comes as a great relief. We do regret having to close seven unsustainable stores, which will unfortunately result in some job losses. Overall we believe this plan is the best possible outcome to secure the future of the business and we look forward to continuing to operate in Ireland.”