Monsoon delays CVA plans after Arcadia stalemate
Monsoon owner Peter Simon has postponed the fashion chain’s restructuring plans after landlords failed to offer sufficient support to Sir Philip Green’s Arcadia CVA earlier this week.
Simon had plans to launch a CVA as early as today, according to The Guardian, which would enable him to reduce its store portfolio and slash rents on other stores.
The process is now expected to be delayed until next week as Simon continues to negotiate the CVA terms with landlords.
The Monsoon and Accessorize owner has already offered to inject £34m into the business to keep its 270 stores afloat.
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