Monsoon chain 'must shut at least 10 stores'
THE women's clothing and accessories chain, Monsoon Accessorize, needs to close a minimum of 10 of its 18 stores if it is to have a reasonable prospect of survival, the High Court has been told.
Mr Justice Brian McGovern appointed Declan McDonald of PricewaterhouseCoopers as examiner to Monsoon Accessorize Ireland Ltd to enable the implementation of a restructuring plan.
The court was told all vouchers would be honoured during the examinership and its UK parent company will provide investment to ensure the Irish company can trade until August 2014, when it is expected to return to profitability if conditions are met. Among these are the closure of a minimum of 10 stores, an independent accountant's report has said.