AlixPartners has been appointed nominees for a company voluntary arrangement (CVA) for Grabal Alok, which trades as Store Twenty One.
The value fashion retailer operates 202 stores across the country.
Peter Saville, Ryan Grant and Anne O’Keefe of AlixPartners have been appointed for Grabal Alok (UK), while Peter Saville, Ryan Grant and Catherine Williamson were appointed joint administrators over Be-Wise, and Peter Saville, Ryan Grant and Anne O’Keefe over QS. Both Be-Wise and QS plc are property subsidiaries of the Store Twenty One group.
Alix said its appointment follows an “in-depth review” into Store Twenty One’s operating model and its restructuring options to stay competitive in the challenging retail market.
“We have been working closely with the directors of Store Twenty One for a number of weeks to consider options for the business and to chart a course for future success,” said Saville. “After careful consideration the directors have taken today’s decisions as these represent the best option in terms of preserving jobs and value within the group.
“Our focus now is on putting the restructuring plan into action by working closely with the management team and all other stakeholders in order to position the business to succeed in what is clearly an extremely competitive UK retail environment.”