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Exclusive: Store Twenty One ceases trading via website

Value retailer Store Twenty One has ceased trading through its website, following last week’s news that landlords were sending bailiffs to recover debts.

The site now states that the transactional site of the website is closed and directs customers to their local store.

The move follows Drapers’ report last week that bailiffs had been sent into a number of branches after the value chain failed to pay rent. In the past fortnight at least two landlords have turned to bailiffs in an attempt to recover money owed. 

The Daily Mail has since reported that restructuring companies are circling the retailer, with the chain attracting attention from GA Europe and Hilco.

It is understood the problems with rent are part of wider financial difficulties, as losses have grown over the past two financial years. 

In its latest financial results filed at Companies House, sales at Store Twenty One fell 7.4% to £99.4m in the year to March 31, while pre-tax losses widened to £19.9m as a result of the economic climate. The previous year, the business sustained a loss of £3.3m.

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