Monsoon needs to close 10 stores, court told

Women’s clothing and accessories chain, Monsoon Accessorize, needs to close at least 10 of its 18 stores if it is to have a reasonable prospect of survival, the High Court has been told.

Yesterday, Mr Justice Brian McGovern appointed Declan McDonald of PriceWaterhouseCoopers as examiner to Monsoon Accessorize Ireland Ltd. It employs 269 people.

The court was told that all vouchers and store credits will be honoured and UK parent company Monsoon Accessorize Ltd will provide investment to ensure the Irish firm can continue to trade until Aug 2014 when it is expected to return to profitability if certain terms are met.