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Monsoon delays CVA

The founder of womenswear retailer Monsoon Accessorize is understood to have delayed plans to launch a company voluntary arrangement (CVA).

Peter Simon had been set to launch the restructuring deal for the business today (7 June), but the plans are now not expected to go ahead until next week as negotiations with landlords continue. 

The decision is thought to have been made following the postponement of Arcadia’s CVA deal earlier in the week, with Simon waiting for the result to see how landlords respond.

Last month, four of Monsoon Accessorize’s landlords asked for an equity stake in Monsoon Accessorize in return for supporting a CVA.

Simon promised to inject £34m into the retailer if landlords agreed to a CVA deal. He will provide £25m, with another £9 million to follow if needed, in return for rent cuts on around two-thirds of its 271 stores.

In April, the retailer appointed consultancy firm Deloitte to look at options to reduce overall costs as it restructures the business in the UK and internationally.

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