Monsoon Accessorize set to shut Telford and Sutton Coldfield stores
Two of the region's Monsoon Accessorize stores are set to close as part of plans to permanently shut 35 and make 545 staff redundant.
The Telford and Sutton Coldfield stores have both been earmarked for closure as the company entered administration, after the hit from coronavirus threw its turnaround plan off course.
The business expects to make the staff redundancies and store closures, despite Monsoon's founder Peter Simon buying the business out of administration almost immediately.
However, the deal will transfer around 450 jobs to Adena Brands, owned by Mr Simon, which has promised to inject £15 million into the business to allow the remaining stores to stay open.
There are stores and concessions in Shrewsbury, Telford, Sutton Coldfield, Birmingham, Merry Hill and Wednesbury.
More Covid-19 coverage:
Mr Simon will try to renegotiate with landlords to get a better deal on the remaining 162 store leases.
Tony Wright, joint administrator and partner at FRP, said: "We had to move quickly and decisively to secure the future of Monsoon and Accessorize, as many jobs as possible and the presence of these two iconic brands on the UK high street.
"After assessing a range of options this deal achieves those goals with least disruption to the business in an already challenging retail environment.
"We are now committed to working with Adena Brands as they enter talks with landlords to agree future terms across their store portfolio and look to transfer more jobs to the buyer.
"We'll also be working with the Redundancy Payments Service to support all affected employees through this difficult time."
