Monsoon Accessorize falls into administration and closes Newark's Stodman Street store

A high street retailer in Newark will not reopen on Monday after it announced it had gone into administration.

Nationally, more than 540 jobs are set to be lost after Monsoon Accessorize, which has stores on Stodman Street, went into administration.

The company announced 37 of its 220 stores in the UK and Ireland would close, despite founder Peter Simon buying the business out of administration.

Tony Wright, joint administrator and partner at FRP, said: "We had to move quickly and decisively to secure the future of Monsoon and Accessorize, and save as many jobs as possible and the presence of these two iconic brands on the UK high street.

"After assessing a range of options this deal achieves those goals with least disruption to the business in an already challenging retail environment.

"We are now committed to working with Adena Brands as they enter talks with landlords to agree future terms across their store portfolio and look to transfer more jobs to the buyer.

"We'll also be working with the Redundancy Payments Service to support all affected employees through this difficult time."