Monsoon Accessorize is the latest UK-headquartered retailer to be hit by trade credit insurance trouble, a report by The Sunday Times has revealed.
It was noted that credit insurer Euler Hermes has cut coverage to Monsoon Accessorize’s suppliers, meaning the global clothing chain could face greater pressure when it comes to delivery payments. The reduction comes following three years of being in the red.
The report added that Monsoon Accessorize, while described as debt-free as of last year, is shutting stores in its bid to boost profitability.
In previous months retailers such as New Look have also made headlines amid credit insurance woes. For instance, Atradius has reportedly withdrawn 100% of cover from Debenhams suppliers.
