Pirate FM News 2 minute read

Monsoon in Truro to close as company goes into administration

Monsoon in Truro to close as company goes into administration

Published by Sarah Yeoman at 6:34am 11th June 2020.

It is understood that Monsoon in Truro is closing as the fashion retailer goes into administration.

35 of its stores across the country will not reopen, while competitor Quiz has placed more than 80 outlets into administration.

Both have been shut since the UK went into a lockdown on 23rd March due the coronavirus pandemic, and face significant financial stress as they look to reopen sites and begin their recovery.

The government has said non-essential shops can resume from Monday 15th June, so long as they keep staff and customers safe with practices such as enhanced cleaning and social distancing rules.

Under a so-called pre-pack administration, Monsoon has been brought out of insolvency by founder Peter Simon using buyout company Adena Brands.

As part of the deal, Mr Simon's holding company will invest up to £15m into the business and will enter talks with landlords to seek rent reduction on 162 stores.

It is hoped that the plan will save up to 100 stores and 2,300 jobs.

Mr Simon said: "We will now try to save as many of our stores as possible, depending on the outcome of various discussions with landlords."

Contact Us

If you would like to submit a query or provide more information on this story please get in touch below.

Please wait...
  • Up to 3 JPG or PNG images, 2MB max size
  • We will always endeavour to credit you when we publish your pictures.
  • By uploading you are agreeing to this non-exclusive reuse, royalty-free, across all Pirate FM platforms, which extends to our partner broadcasters.
  • You retain copyright to all images.
  • If you would like to send us a video, please upload to YouTube or similar and paste the video URL into the message above.
Email Icon

Sign up for exclusive news, competitions and offers.
Proper Local News updates from Pirate FM

Suggested articles

Coronavirus: Pret A Manger to close 30 shops - putting at least 1,000 jobs at risk

National News: Pret A Manger is to permanently close 30 shops as a result of "significant operating losses", putting at least 1,000 jobs at risk.

New images show what Truro redevelopment could look like

Cornwall News: Shops, restaurants, homes and facilities could be built off Pydar Street

Newer articles

RSPCA called to 261 incidents involving horses in Cornwall

Cornwall News: That was last year alone, sparking fears more will be abandoned

Covid-19: Report reveals Cornwall Council's response to pandemic

Cornwall News: It details the work that has been done in the Duchy amid the coronavirus outbreak

Older articles

Coronavirus: Over 72,000 jobs 'at risk' in Cornwall

Cornwall News: A new report is set to go before Cornwall Council next week

Warning about children 'at risk of online grooming' in Cornwall

Cornwall News: Schools have shared a safeguarding alert on social media

Most read

A30 closed after crash involving cyclist and lorry

Cornwall News: The air ambulance has been called to the scene

First coronavirus death in a month recorded in Cornwall

Cornwall News: 65 people with Covid-19 have lost their lives at Treliske Hospital

Pirate Extra Pirate 70s Escape LoveCornwall