Store Twenty One enters compulsory liquidation with 122 store closures
UK-based fashion retail chain Store Twenty One has entered compulsory liquidation after closing 122 outlets.
The company’s latest move comes after it failed to secure investment to continue business operations.
The retailer has been wound up, resulting in 900 job cuts, and entered into compulsory liquidation.
Last July, the discount retailer reached a company voluntary arrangement (CVA), its first insolvency process, which saw the closure of around 80 shops.
HM Revenue & Customs issued a winding-up notice in April over unpaid tax.
Corporate recovery and business advisory firm Quantuma has been appointed to handle the liquidation process, with partners Simon Bonney, Carl Jackson and Paul Zalkin acting as administrators.
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, the retailer’s turnover has been on the downward trend in recent years, reducing from £95m to £57m with sustained losses over the past few years.