Apparel and accessories retailer Monsoon Accessorize Ireland has excited examinership - a process in Irish law where court protection is obtained to assist the survival of a company - in a move that safeguards 200 jobs.

Under an investment plan approved by the High Court, parent company Monsoon Accessorize has written off EUR5.6m (US$7.5m) in debt and agreed to invest further "substantial" sums in the business to secure its long-term future.

The retailer, which was placed under court protection three months ago, will continue to operate 11 stores in Ireland and retain around 200 jobs. However, three Monsoon Accessorize stores and four Accessorize stores will close.

Monsoon Accessorize retail director Gail Ford-Hills said: "This agreement and court approval will enable Monsoon Accessorize Ireland to move ahead on a sound footing and continue to serve its customers in Ireland for many years to come."

"We do regret having to close seven unsustainable stores, which will unfortunately result in some job losses. Overall we believe this plan is the best possible outcome to secure the future of the business and we look forward to continuing to operate in Ireland," Ford-Hills added.