More than 500 jobs are set to be axed at Monsoon Accessorize after the retailer announced 35 stores closures – but the majority of the region's stores will hopefully remain open.
The high street fashion retailer collapsed into administration after the hit from coronavirus scuppered its turnaround plan.
The firm said it expects to make 545 staff redundant through 35 store closures – but stores in Bedlington, Newcastle’s Eldon Square, Newcastle Airport, Gateshead Metrocentre, The Bridges Sunderland and Durham are not part of the store closure list.
The store in Middlesbrough, however, is earmarked for closure.
The business expects to make the closures despite Monsoon’s founder Peter Simon buying the business out of administration almost immediately in a pre-pack deal, overseen by advisors at FRP.
The deal will transfer around 450 jobs to Adena Brands, owned by Mr Simon, which will inject £15m into the business to allow the remaining stores to stay open.
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