Monsoon Accessorize given further protection High Court from creditors
THE women's clothing and accessories chain, Monsoon Accessorize, has been given further High Court protection from its creditors until June 12.
That date will bring to the maximum 100 days protection available under examinership which was granted to the Monsoon Accessorize Ireland Ltd on March 13 last.
The further period, granted today by Mr Justice Brian McGovern, is to allow for more time to finalise a survival plan.
The chain, which employs 269 people in 18 stores around the country, is looking to close at least ten of those outlets and renegotiate rents with landlords for others.
Rossa Fanning BL, for the examiner Declan McDonald of PWC, said the four notice parties to the examinership - including the Revenue - had consented to the application for more time.
This was another of those examinership cases where rents and dealing with landlords formed an important part of the process, he said.
Negotiations are at different stages but it will be necessary to bring applications in relation to some of the stores seeking court approved repudiation of leases, he said.
The UK parent company, Monsoon Accessorize Ltd, has undertaken to provide new investment if certain conditions are met including the closure of stores and renegotiation of leases, counsel said.
Mr Justice McGovern also gave the examiner permission to bring applications for formal repudiation of leases.