Monsoon Accessorize has announced up to 50 redundancies across its head office teams, as part of its ongoing restructuring, Drapers can reveal.
Staff were told yesterday that up to 50 roles were to enter into consultation for redundancy. It is not confirmed at this stage which teams have been affected.
The news follows the approval of Monsoon Accessorize’s company voluntary arrangement by creditors on Wednesday.
The CVA proposals, as announced on 20 June, outline rent reductions of between 25% and 65% across 135 out of a total 258 Monsoon and Accessorize stores. No store closures have been proposed as part of the CVA, but the retailer is seeking to exit at least seven Monsoon stores as leases expire.
A spokesman for Monsoon Accessorize said: ”We have communicated to colleagues at head office that some roles across a number of teams are at risk of redundancy. These colleagues have entered into a period of consultation and our aim is to keep the number of redundancies to a minimum, with a view to securing suitable roles within the group where possible.
“The approval of the company CVAs was an important step in the wider restructuring and turnaround plan for the Monsoon and Accessorize businesses. As part of our restructuring, we must ensure that the businesses have the appropriate structures and teams in place to deliver our turnaround.”