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Will fashion and jewellery shops Monsoon and Accessorize be the next to close?

PUBLISHED: 11:01 16 April 2019 | UPDATED: 12:57 16 April 2019

Accessorize has called in advisors to help close stores faster, like this one in Norwich. Picture: Archant

Accessorize has called in advisors to help close stores faster, like this one in Norwich. Picture: Archant

Archant

Monsoon and Accessorize stores could be the latest to leave the Norwich high street, after the owner of both brands called in advisers to help speed up shop closure proceedings.

Accessorize is looking to close stores, like this one in Norwich, and has called in advisors. Picture: ArchantAccessorize is looking to close stores, like this one in Norwich, and has called in advisors. Picture: Archant

The parent company of the chains has brought in Deloitte to prepare plans for a possible Company Voluntary Arrangement (CVA), the same process through which retailers New Look and Jamie Olivers closed stores last year.

Any proposals are also likely to include rent reductions on Monsoon and Accessorize's joint estate of almost 270 sites.

These could include those in Norwich's Haymarket and Chapelfield shopping centre,

A spokesman for Monsoon Accessorize said: “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 are looking at options to accelerate these store closures.”

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