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Monsoon Accessorize CEO Paul Allen quits

By Huw Hughes

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Report

Monsoon Accessorize CEO Paul Allen has stepped down a month after creditors backed plans for the company to seek rent cuts in 135 of its 258 leased stores as part of a Company Voluntary Arrangement (CVA).

Allen spent 6 years at the business, initially as finance director before making his way to the head of the fashion and accessories retailer. In a statement, the company described Allen as being “instrumental in leading the successful CVA process to enable the business to restructure its store estate as part of the turnaround plan to return Monsoon Accessorize to a profitable position.”

Founder and owner of the business, Peter Simon, who last month injected an additional 18 million pounds into the company after a period of difficult trading, commented in a statement: “I would like to personally thank him for his contribution and wish him well for the future.”

Monsoon Accessorize has 258 stores in the UK but has previously warned that a restructuring of the company was necessary due to its “unaffordable” rents.

The British womenswear brand has previously said no stores are earmarked for closure as part of the company’s restructuring.

Photo credit: Accessorize, Facebook

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