Hundreds of jobs are reportedly at risk at one of Britain’s leading high street retailers, Monsoon Accessorize, after it decided to close its largest shops.
The retailer will no longer operate the Monsoon and Accessorize brands in a single shop and will close the dual outlets across the country as their leases expire over the next five years, according to a report by the Guardian.
A total of 141 stores will be affected by the move. The company plans to open separate Monsoon and Accessorize shops in areas where there are currently joint outlets, but job losses are possible.
Monsoon Accessorize employs 5,500 people across the UK and has more than 300 shops.
A source close to the company told the paper that the crossover between Monsoon and Accessorize customers was “actually lower than you would think”. Monsoon is thought to attract slightly older shoppers than Accessorize, which mostly sells jewellery.
The restructuring is part of a wide-ranging strategic overhaul led by the new chief executive, Paul Allen.
Monsoon Acccesorize is owned by the tycoon Peter Simon, who started Monsoon in the 1970s with a market stall on Portobello Road. The first Accessorize shop opened in 1984 after Monsoon started to sell a small collection of fashion accessories which proved popular.
Monsoon Accessorize declined to comment on the plan to close the joint stores or the number of jobs that could be affected.