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Provisional Liquidator for Irish arm of Monsoon Accessorize

Summary

The High Court appointed Jim Luby of McStay Luby as provisional liquidator for Monsoon Accessorize Ireland Ltd and Monsoon Accessorize Ireland (Holdings) Ltd. The Irish arm operated ten stores and employed 140 people. The retailer had suffered trading difficulties, worsened by Covid‑19 closures, and reported a 92% drop in sales from March 1 to the present in 2020 compared with the same period in 2019. The parent company in the UK entered administration earlier that month, and a pre‑pack arrangement saw Adena, linked to founder Peter Simon, take over the UK business. The Irish companies' liabilities, including lease obligations, exceeded assets by over €1.8 million for the year ending August 2020, making them insolvent. The appointment was deemed in the best interests of employees, landlords, creditors and the company's stock, and the matter was adjourned to a date next month.

Who, what, where, when and why

What: Report matter: Provisional Liquidator for Irish arm of Monsoon Accessorize. Procedural stage: hearing_or_decision

When:

• March 1st Hearing Or Sentence
• August 2020 Hearing Or Sentence
• 2018 and 2019 Other
• 2020-06-23 Publication

Places mentioned

Topics

Stage Hearing Or Decision

Read the original CNI report