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Store Twenty One ‘considers future options’

Store Twenty One is considering options for the future of the business, including a company voluntary arrangement (CVA) or sale of all or part of the firm, according to reports.

The chain, which has 218 stores, has filed for an administration hearing on August 11 and lined up restructuring firm AlixPartners, reported Estates Gazette.

However, AlixPartners denied it had been appointed as administrator and Store Twenty One has not yet responded to Drapers’ request for comment.

Drapers understands a list of stores is circulating in the property industry.

Will Thomas, director of KLM Retail, said: “There have been rumours about the company for a long time, so most landlords will have been planning for this. The shops are generally well configured and in good secondary locations, and should attract reasonable interest. It adds more supply to the market, however, and will increase pressure on rents in some markets.

“It’s doubtful there will be a buyer for the business and another break-up looks inevitable.”

Tony Devlin, head of UK retail agency at CBRE, said: “There will be demand for these stores – they are decent sizes and in relatively cheap locations.”

One supplier said: “They got a new banking facility a couple of months back and they have gone a bit quiet, but they have paid invoices recently.”

Store Twenty One evolved from a business supplying multiple retailers established in 1932 and was known as Quality Seconds before rebranding to QS in 1987. It was purchased by Grabal Alok, an Indian-based textile company, in 2007 and is today based in Solihull in the West Midlands.

 

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