Monsoon Accessorize has entered administration and announced the closure of 35 stores, including the Lincoln branches.
Both Lincoln stores on the High Street have been closed since lockdown on March 23.
A turnaround plan had been arranged to try and keep the company going earlier in the year, but COVID-19’s impact meant all stores had to close.
Adena Brands has bought the company out of administration and plans to invest £15 million to keep some Monsoon stores afloat.
The hope is that Adena owner Peter Simon, original founder of Monsoon Accessorize, will save up to 100 stores with this financial injection, but Lincoln’s branch isn’t one of these.
He said: “Ever since I opened the first Monsoon store in Beauchamp Place in 1973, this business has been my passion and my life, and I did not want to see it fall victim to this unprecedented crisis.
“Both Monsoon and Accessorize were trading well before the coronavirus pandemic but the business simply could not withstand the financial impact of having to close all its UK, franchise and joint venture stores for almost three months.”
Monsoon and Accessorize are just the latest stores to close down on Lincoln High Street after Laura Ashley entered administration in March.