Thu, 30 Jun 2016 | ADMINISTRATION
Troubled fashion retailer Twenty One is considering a company voluntary arrangement (CVA) while seeking to renegotiate store rent costs with landlords, after rejecting alternatives including a sale or a debt for equity swap.
The 202-store UK retailer is owned by Indian textiles company Alok Group, and has had to fight to compete with stronger low cost rivals such as Primark. It has now brought in restructuring firm AlixPartners to guide Twenty One through a CVA. Its subsidiaries Bewise and QS have been placed into administration.
Peter Saville of AlixPartners commented: “After careful consideration, the directors have taken today’s decisions as these represent the best option in terms of preserving jobs and value within the group.”
Adding that: “Our focus now is on putting the restructuring plan into action by working closely with the management team and all other stakeholders in order to position the business to succeed in what is clearly an extremely competitive UK retail environment.”
Twenty One began life as a manufacturer in the 1930s, supplying Marks & Spencer among other retailers. It progressed to open its own stores, rebranding as QS in the 1980s, then going on to buy Bewise in 1990. Its present owner Alok Group bought the business in 2007, and then renamed the business Twenty One.
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