Monsoon Accessorize have entered administration and 545 jobs will be lost as the company has been hit by the coronavirus pandemic.
Despite Peter Simon Monsoon’s founder buying the business out of administration, 545 staff will be made redundant.
Simon who owns Adena Brands has promised to inject £15m to allow remaining stores to stay open which will see around 450 jobs transferred over.
Tony Wright, joint administrator and partner at FRP said, “We had to move quickly and decisively to secure the future of Monsoon and Accessorize, as many jobs as possible and the presence of these two iconic brands on the UK high street.
“After assessing a range of options this deal achieves those goals with least disruption to the business in an already challenging retail environment.
“We are now committed to working with Adena Brands as they enter talks with landlords to agree future terms across their store portfolio and look to transfer more jobs to the buyer.
“We’ll also be working with the Redundancy Payments Service to support all affected employees through this difficult time.”