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Store Twenty One falls into liquidation with the loss of 900 jobs

Store Twenty One falls into liquidation with the loss of 900 jobs .

Leading to the closure of its remaining 122 stores and the loss of 900 jobs, UK budget fashion chain Store Twenty One has collapsed into compulsory liquidation. 

After failing to secure investment following a Company Voluntary Arrangement (CVA) proposed by owners Alok Group in July of last year, which saw the closure of around 80 shops, the retail firm had been battling for survival.

Now, partners at corporate recovery and business advisory firm Quantuma, have been appointed to handle the liquidation.

According to Quantuma, the beginning of the end was signalled in April this year when Store Twenty One's management filed a notice to appoint administrators after the retailer was served with a winding-up notice by HM Revenue & Customs for breaching the terms of the CVA.

This administration application was withdrawn but then a second application was made in June and again withdrawn prior to the court finally issuing an order to wind the company up. The case was passed to the Official Receiver's office, following the order and a Secretary of State appointment of Quantuma as liquidators quickly followed.

Quantuma partner Simon Bonney  said ,"It is very sad that matters have got to the stage where all the stores were closed by management on Friday 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."

According to Quantuma, Store Twenty One's turnover in recent years had declined from GBP95m (US$122.2m) to GBP57m with sustained losses over the past few years.  

 

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