Accessorize stores in Ireland are to apply for examinership. The company is part of the Monsoon chain.

It says it has submitted an application to the High Court for the appointment of PriceWaterhouseCoopers as an Examiner.

Monsson Accessorize Ireland Limited says it has been loss-making for some time. It adds that this is due to the prevailing economic conditions and the high cost of its existing leases.

The company employs 269 people here and has been in the Republic of Ireland for 18 years. It says it will continue to honour gift cards and credit notes.

Attempts to negotiate leases

In a statement the group says the proposals would, if approved by the High Court, restructure the company finances and ensure its survival.

Earlier this month the company says it tried to negotiate a reduction in the cost of its leases but it was unable to reach an agreement that satisfied all parties.

Gail Ford-Hills is retail director for Monsoon Accessorize Britain and Ireland.

"We very much regret having to take this course of action, but after our negotiations with landlords failed to deliver a workable proposal we realised we had no option given the on-going level of losses in the business" she said.