Monsoon Accessorize files for insolvency in Germany
The German business of UK retailer Monsoon Accessorize has filed for insolvency in the local court of Ingolstadt, it emerged this week. Restructuring expert Ivo-Meinert Willrodt of law firm Pluta Rechtsanwalts GmbH has been appointed as provisional administrator.
It follows a drop in revenues at the German subsidiary as a result of changing consumer behaviour.
Monsoon Accessorize Germany employs about 190 people and operates over 30 stores across Germany, selling clothing items alongside jewellery and accessories. It opened its first store in the German market in 2006.
“We are currently in the process of obtaining an initial overview of the financial situation. Business is being maintained without restriction at all branch stores. The customers can continue shopping as usual in the local stores,” Willrodt said. The goal is now to find an investor.
The German branch is part of Monsoon Group, which is not affected by the insolvency. Accessorize’s online business in Germany is also not included, the administrator said.
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