Monday 19 August 2019 3:42 pm

Monsoon Accessorize chief executive Paul Allen quits

Monsoon Accessorize’s chief executive Paul Allen has thrown in the towel after a troubled few months at the retailer which culminated in a wide-ranging restructuring.

Allen announced this afternoon he will quit the fashion retailer after six years at the firm.

Read more: Creditors approve Monsoon Accessorize rescue plan

Monsoon has no intention to replace Allen as chief executive, with founder Peter Simon and chief operating officer Nick Stowe planning to run the business.

Last month, Allen led the firm through a Company Voluntary Arrangement (CVA) which led to rents being slashed at 135 of Monsoon and Accessorize’s 258 stores as part of the restructuring. 

Simon, who was forced to inject a further £18m as part of the turnaround plan, said: “I would like to personally thank [Allen] for his contribution and wish him well for the future.”

In a statement, the retailer described Allen as “instrumental” in leading the CVA process.

Read more: Monsoon Accessorize landlords ‘call for stake’ in retailer as CVA approaches

“[He] has played a major part in the business over the last few years through both good times and more difficult times.”

No stores are earmarked for closure under the restructuring plans, despite following a string of CVAs by prominent high street retailers which are facing a number of challenges as increasing costs, the rise of online shopping and subdued spending take their toll on the industry.

More to follow.

Main image: Getty