Monsoon founder Peter Simon has said he will inject £34 million into the struggling business if landlords agree to cut rent costs as part of a CVA. The news follows the British retailer’s initiative to appoint consultancy firm Deloitte last month to look at options to reduce overall costs amid a global business restructure.
According to The Guardian, the proposals do not include immediate Monsoon Accessorize store closures. Meanwhile, Simon has said he will offer £25 million to the business and a further £9 million to improve it overall, in return for rent cuts.
