The owners of Monsoon and Accessorize are said to be mulling dozens of store closures as part of a possible Company Voluntary Arrangement (CVA).

According to Sky News, the women’s fashion and accessories retailers have hired in consultants from Deloitte to lay the groundwork for a potential CVA, which could be launched within the next few weeks.

The insolvency measure would enable “dozens” of closures from across the company’s 270 store estate in the UK, according to sources that spoke to Sky News, although precise numbers have not yet been finalised.

Joint Monsoon Accessorize stores, which feature products from both brands, are said to be those at highest risk of closure, according to the reports.

Any plan for a CVA, which would allow for rent renegotiations with landlords in addition store closures, would have to meet with approval from creditors.

A spokesman for Monsoon Accessorize said: “The UK retail trading environment is tough and we are continuing to look at options to reduce our overall costs as we restructure the business in the UK and internationally.

“We have made no secret of the fact that we have steadily reduced our store portfolio in recent years and shall continue to do so as leases expire. We are looking at options to accelerate these store closures.”

The reports after Debenhams collapsed into administration last week, with lenders triggering a pre-pack administration which is expected to become a CVA in the coming weeks.

A report from PwC last week also found that High Street exits remained at record high levels, while the number of store openings by multiple retailers on Great Britain’s top 500 high streets dropped by 17.4 per cent year-on-year.

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