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Hundreds of jobs at risk as Monsoon Accessorize plots major store closures

UK retailer Monsoon Accessorize is planning to close hundreds of its largest stores as part of a planned restructuring that could put hundreds of jobs at risk.

The female clothing retailer, which is headquartered in Notting Hill, is to begin the process of closing outlets where both its Monsoon and Accessorize brands share a single shop, splitting them into two outlets as their leases expire over the next five years.

With just over 300 stores nationwide, the move represents a significant restructuring of a significant proportion of its UK portfolio and will is likely to affect hundreds of its 5,500-strong workforce, according to the Guardian.

The move comes as the Monsoon brand has declined in recent years in the face of stiff competition from online and offline clothing retailers such as Asos and high-street retailers.

New Chief Executive, Paul Allen, who assumed the role in January this year, is to oversee a significant strategic overhaul at the fashion retailer after its parent company, Drillgreat Limited suffered losses of £155m in its annual accounts published in August last year.

It marks a reversal of former Chief Executive, John Browett’s strategy of opening more joint stores stocking both brands which the firm now believes to have contributed to Monsoon Accessorize’s declining fortunes.