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Monsoon asks landlords for rent cuts

Womenswear retailer Monsoon has asked for its rent bills to be cut, as it considers further store closures.

The retailer, which operates 268 stores including Monsoon and Accessorize, is considering “accelerating” its store closure programme as dwindling footfall makes expensive leases unsustainable.

Monsoon and Accessorize have closed 40 stores in two years, and the German arm of the business filed for insolvency last week.

In a statement, a spokesman for the Monsoon group said that there were no plans for a Company Voluntary Arrangement (CVA), but said the business was continuing to look at options as tough trading conditions persisted in the UK.

He added: “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 made no secret of the fact that we have steadily reduced our store portfolio in recent years and shall continue to do so as leases expire. 

”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.”

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