Monsoon Accessorize owner Peter Simon has vowed not to pay any dividends during a restructuring of the business that will see 141 shops closing.
Monsoon womenswear ground floor
Last year Simon was paid a £26.9m dividend, according to The Telegraph.
Monsoon Accessorize will gradually close its dual fascia stores over the next five years as it seeks to decouple the two brands.
The retailer will not renew its leases on the 141 stores. However, it will seek to open separate Monsoon and Accessorize shops in the same areas and Drapers understands the company intends to redeploy the large majority of staff, so the number of job losses will be minimal.