Monsoon Accessorize CVA passed by creditors
Monsoon Accessorize’s CVA has been passed by its creditors, paving the way for hefty rent reductions at around half of its stores.
The retailer did not disclose by what margin its CVA passed but said it was “with a majority significantly above the required threshold”.
Of the retailer’s 258 stores, 135 will now be subject to rent reductions between 25% and 65% for up to three years.
In exchange, the business has offered creditors participation in a £10m annual profit-sharing scheme, if its profits can recover. Creditors had previously called for an equity share in the business, as was awarded by Arcadia owner Sir Philip Green to get its CVA passed, but Monsoon rejected those proposals.
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