Monsoon Accessorize and Quiz to close stores and cut jobs in double blow for high street
It is hoped that the plan will save up to 100 stores and 2,300 jobs.
Mr Simon said:"We will now try to save as many of our stores as possible, depending on the outcome of various discussions with landlords."Meanwhile, clothing chain Quiz has put 82 standalone stores into administration to offload loss-making sites.In a similar pre-pack administration to that secured by Monsoon, Quiz will buy back some stock and assets for £1.3m and will aim to renegotiate rent agreements with landlords.
Quiz chief executive Tarak Ramzan said:"It is with deep sadness and regret for some of our colleagues and partners that we had to take this decision to restructure the group's operations. "Whilst we have taken pro-active actions over the past 18 months to drive footfall to our stores and renegotiate leases to improve performance, the significant economic uncertainty we now face as consumers and businesses emerge from thepandemic has meant that, in order to ensure a sustainable future for the group, we have taken this decision to place the subsidiary which operates our stores into administration.
"We continue to believe that stores, with appropriate property costs and flexible lease terms, can continue to be a relevant pillar in our omni-channel model and we will be seeking to re-open Quiz stores where we believe it is prudent and economic to do so."
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