Published
Jul 12, 2017
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Store Twenty One to be wound down after no rescuer is found

Published
Jul 12, 2017

Efforts to rescue UK fashion chain Store Twenty One have failed with the company being the latest of several UK retail names to have gone under in recent months. It has gone into liquidation and this means 900 jobs will go while its 122 stores will close. The company had already closed 80 sites last year.


Photo: Store Twenty One



The 85-year-old firm has struggled against a tough marketplace as consumers switch their fashion spend online but also rein-in their discretionary spend.

Simon Bonney, a partner at liquidators Quantuma, said: "The company [is] unfortunately another example of the difficulties arising in the current economy. It is very sad that matters have got to the stage where all the stores were closed… following a prolonged period of uncertainty leading up to the liquidation.”

What does this mean now? Bonney spoke of an orderly wind-down and said he would “welcome contact from any interested parties who may wish to purchase assets of the company.”

The company’s Indian owner Alok Group had been looking for investment since last year and said in April that it would appoint administrators after the UK’s tax agency, HM Revenue & Customs, served it with a winding-up notice due to it breaching the terms of a Company Voluntary Arrangement (CVA).

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