Monsoon's owner ditches dividend plans as stores close

 
Helen Cahill
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Over 100 shops will close as part of the restructuring plan (Source: Getty)

Monsoon’s owner Peter Simon has said he won’t be taking out any more hefty dividends as the company shuts-up shops.

Simon treated himself to a £26.9m dividend last year, but he won’t be repeating the payment as company closes 141 shops, according to the Sunday Telegraph.

Monsoon and Accessorize are undergoing a restructuring over the next three to five years.

Drillgreat, the holding company for Monsoon and Accessorize, posted a pre-tax loss of £155m last year. Hundreds of jobs are now at risk due to shops closing - Accessorize has been outperforming Monsoon in recent years, meaning many of the joint stores are set to go.

Paul Allen, the new chief executive, is undertaking the business’ restructuring, but it is not thought a company voluntary agreement is on the cards.

The current plan is a reversal of the work done by former chief executive John Browlett, who expanded the company’s joint store offering.

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