Monsoon Accessorize in The Maltings St Albans Shopping Centre is one of the chain’s 35 shops across the UK that will remain closed following the coronavirus pandemic.
The company briefly went into administration before founder Peter Simon bought Monsoon Accessorize out of the pre-pack administration, in a deal that will save the majority of the outlets.
However, the permanent closure of 35 stores, including St Albans, will mean the loss of 545 jobs for staff who have been made redundant.
Founder Peter Simon said in a statement: “Ever since I opened the first Monsoon store in 1973, this business has been my passion and my life, and I did not want to see it fall victim to this unprecedented crisis.
“Both Monsoon and Accessorize were trading well before the coronavirus pandemic, but the business simply could not withstand the financial impact of having to close all its UK, franchise and joint venture stores for almost three months.”
Tony Wright, joint administrator and partner at FRP added: “We had to move quickly and decisively to secure the future of Monsoon and Accessorize, as many jobs as possible and the presence of these two iconic brands on the UK high street.
“We’ll also be working with the Redundancy Payments Service to support all affected employees through this difficult time.”