Tuesday, March 05 17:16:42
Monsoon Accessorize Ireland has filed a notice to appoint an examiner today after the business revealed it has been trading at a loss.
The fashion and accessories retailer, which has 20 stores in the Republic of Ireland, submitted an application to the High Court to appoint PwC examiner Declan McDonald.
If the application is approved by the courts, the retailer will trade as normal while the examiner looks to strengthen the business' finances.
Retail Excellence Ireland, Ireland's largest retail industry trade body, today said that it was disappointed but not surprised to hear that Monsoon Accessorize Ireland Ltd has applied to go into examinership.
David Fitzsimons, CEO Retail Excellence Ireland said: "It is disappointing to hear that Monsoon Accessorize Ireland Ltd have applied to go into examinership, but not surprising. The fashion market in Ireland has been very challenging in the past 12 months - as evident by our quarterly retail figures released. Additionally, demand in the fashion industry has dissipated over the past few months".
"The fact that landlords are still charging Celtic tiger rents which are not sustainable is a huge problem for many retailers including Monsoon and Accessorize. Unfortunately, this company is not the only retailer taking this route and we are likely to see many international retailers do the same over the coming months, if the Government don't address the problems experienced by retailers at present".