The fashion retailer has lined up FRP Advisory to handle the process and plans to file a notice of intention to appoint administrators in the coming days, Sky News reported.

Monsoon Accessorize’s 220 stores have been closed since March as a result of the pandemic. Owner Peter Simon has been seeking a sale of the business since then but is yet to find a buyer, though he is understood to be in talks with a number of potential bidders.

Simon could yet buy back a portion of the business, should it collapse.