Monsoon Accessorize is hoping landlords will agree to its rescue plan, as it struggles to compete amid an increasingly difficult trading environment for retailers.

Monsoon Accessorize owner Peter Simon has agreed to share a portion of up to £10 million of future with landlords and creditors, in a bid to secure approval for seeking a company voluntary arrangement (CVA).

In order to commence the procedure, the retailer must gain the approval of at least half of creditors and landlords.

It is also understood that £34 million is also set to be invested in the chain to keep the business afloat.

Monsoon Accessorize is looking to restructure its finances amid sliding sales and the pressure of falling footfall levels.

Back in 2017, the group reported a loss of £10.5 million before tax in 2017, despite sales of almost £424 million.

The proposal had been postponed amid the much publicised difficulties faced by Arcadia in securing support for a similar rescue deal.

Last week, Arcadia faced a battle for survival as it fought to convince landlords, narrowly avoiding administration.

In particular, Arcadia faced opposition from landlords such as shopping centre giant Intu, who opposed the plan over concerns that agreeing to lower rents proved unfair to other retailers.

Monsoon Accessorize is a private company. It has 270 shops across the UK. Peter Simon founded the brand back in 1973.

However, it wasn’t until 1984 that it opened its first store location in London’s Covent Garden.