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Store Twenty One struggling to meet rent terms

Value fashion retailer Store Twenty One is in talks with its lenders as it is struggling to meet rent payments.

The business agreed a company voluntary arrangement (CVA) with creditors in July last year, but property sources have said it is finding it difficult to keep up with the rent payments that formed part of the terms.

One landlord told Drapers the retailer was a “serial offender” that consistently pays rent late.

Store Twenty One is understood to be talking to its main lender, State Bank of India, in an attempt to access additional funding as the 25 March quarterly rent date looms.

The CVA, which was approved by 86% of creditors, allowed Store Twenty One to close 77 of its 202 stores.

The decision to launch a CVA followed an in-depth review of Store Twenty One’s operating model and an analysis of the restructuring options available to it.

Peter Saville, Ryan Grant and Anne O’Keefe of restructuring firm AlixPartners were appointed as nominees of the CVA.

AlixPartners declined to comment.

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