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Store Twenty One put into liquidation

Value fashion retailer Store Twenty One has been wound up by the high court, resulting in 122 store closures and around 900 job losses.

Simon Bonney, Paul Zalkin and Carl Jackson of restructuring firm Quantuma have been appointed as joint liquidators of the retailer.

The struggling firm failed to secure investment following a Company Voluntary Arrangement (CVA) in July 2016 which saw the closure of around 200 shops.

In April the management team filed a notice to appoint administrators after Store Twenty One was served with a winding-up notice by HM Revenue & Customs for breaching the terms of the CVA.

This administration application was withdrawn, but a second application was made in June and again withdrawn, prior to the court finally issuing an order to wind the company up, according to Quantuma. 

Bonney, a partner at Quantuma, said: “It is very sad that matters have got to the stage where all the stores were closed by management following a prolonged period of uncertainty leading up to the liquidation. We are now in the process of conducting an orderly wind down and we would welcome contact from any interested parties who may wish to purchase assets of the company.”

He added: “The traditional retail sector continues to face significant challenges, not least with the changes in business rates. The company was founded in 1932 and unfortunately it is another example of the difficulties arising in the current economy.”

For the year to 26 March 2016, Store Twenty One’s EBITDA loss widened to £5.8m from £3.2m the year before.

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