More shop closures announced on Cork's Patrick Street

More shop closures announced on Cork's Patrick Street
Monsoon and Accessorize will close 35 stores in the UK and Ireland, make 545 staff redundant and seek rent cuts for remaining shops as part of a restructuring led by its founder to survive the Covid-19 crisis.Photo:Gareth Chaney/Collins

MORE retailers have announced the closure of their Cork stores with further job losses in the city centre.

Monsoon and Accessorize on Patrick Street are set to close permanently, leaving two more units of prime retail space on Cork’s main thoroughfare vacant.

However, it’s understood the store in Mahon Point could be safe from permanent closure as the company hasn't included it in the list of 35 stores set to close across Ireland and the UK.

Their stores on Grafton Street in Dublin and in the Market Cross Shopping Centre, Kilkenny are also set to remain shut.

Across the UK and Ireland 545 staff are to be made redundant.

Monsoon and Accessorize went into administration after the impact of Covid-19, and following the appointment of administrators, was sold to Adena Brands owned by Peter Simon who owned and founded Monsoon in the 1970s.

Adena Brands has also provided a £15m cash injection into the businesses.

Monsoon Patrick Street. Pic: Damian Coleman
Monsoon Patrick Street. Pic: Damian Coleman

All of the company's 230 shops across the UK and Ireland have been closed since mid-March.

Adena Brands have said they will now “enter talks with the landlords of many of Monsoon and Accessorize’s stores to see if they can reach terms to reopen them when the current lockdown ends to secure further jobs.” They hope to save “as many as 100 stores”.

Peter Simon said: “This deal secures the future of both Monsoon and Accessorize and means we can continue to serve our customers online without a pause. In addition, we will now try to save as many of our stores as possible, depending on the outcome of various discussions with landlords. I would like to thank landlords for the helpfulness and enormous forbearance they have shown so far, which has enabled us to get to this point.

“Ultimately, we hope to be able to save as many as 2,300 jobs in this process, and more than 4,500 in our supply chain, although unfortunately not all of them.

“Monsoon and Accessorize will both emerge smaller and stronger after this but essentially the same – with our unique design flair and commitment to environmental standards and ethical trading intact. I am looking forward to working with everyone to overcome this crisis and make the next chapter in our history a success.

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