Monsoon must batten down hatches as examinership looms over €5.6m of debt

Fifteen members of staff in the Athlone Towncentre branch of Monsoon Accessorize are now fearful for their future with the news that the company is to seek High Court protection next week so it might continue trading as a going concern.

It is believed it is just the Irish arm of the UK-based firm which is looking into examinership, and the move will affect almost 270 employees across 18 stores in Ireland.

The company’s largest creditor is the UK parent company, Monsoon Accessorize Ltd, which is owed €5.6 million.

Monsoon Accessorize is one of 60 traders in the Towncentre, and has been there “since day one back in 2007”, according to the centre’s marketing manager, Shirley Delahunt.

“Obviously we’re disappointed here to see the Irish arm possibly going into receivership, but the process is only started, so at this point there’d be no implications for the closure of the store,” she continued.

“Our feelings are with the staff who have to face into a future of uncertainty. As we understand at the moment, nothing is cast in stone, but we’ll have to see what the process brings for Irish Monsoon next week. As it is they’re still trading as normal,” she added.

On Tuesday March 5, Mr Justice Brian McGovern said he would hear an application to appoint a full examiner on Wednesday, March 13.

The company - which specializes in women’s fashion accessories - is seeking examinership so measures can be brought in to secure its future, Bernard Dunleavy BL, for the company, said.

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