Monsoon and Accessorize enter administration – what it means for you

The two stores are owned by the same company – Monsoon Accessorize. It was announced on Wednesday morning that the firm had gone into administration and, shortly after, that Monsoon's founder Peter Simon had bought the business.

Mr Simon says he will try to renegotiate with landlords to get a better deal on the remaining 162 store leases and that he hopes to save as many as 100 stores and 2,300 jobs overall.

For full info on your rights as a customer when a firm goes into administration, see our Administration Help guide. And if you're an employee who's worried about your job, see Redundancy Help.

What will happen with gift cards, return rights and more?

The company says that nothing will change for customers as a result of it briefly going into administration, except for the store closures.

Gift cards will still be accepted, your return rights won't be affected and outstanding online orders will still be honoured.

New orders are still being accepted on both shops' websites as of Wednesday morning.

What does Monsoon Accessorize say?

Peter Simon, Monsoon Accessorize's buyer, said: "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.

"This deal secures the future of both Monsoon and Accessorize and means we can continue to serve our customers online without a pause. In addition, we will now try to save as many of our stores as possible, depending on the outcome of various discussions with landlords. I would like to thank landlords for the helpfulness and enormous forbearance they have shown so far, which has enabled us to get to this point."