Wed, 12 Jul 2017 | ADMINISTRATION
Struggling retail fashion chain Store Twenty One has collapsed into liquidation with the loss of 900 jobs, it has been reported.
The company's turnover has declined in recent years from £95 million to £57 million, with sustained losses.
The West-Midlands based discount retailer, which has been in the red for some time, ceased trading from its 122 stores last week, and will not reopen.
They've been taken over by corporate recovery and advisory group Quantuma, which confirmed that Store Twenty One had been "battling for survival" after failing to secure investment after a company voluntary arrangement last July. The CVA, a controversial insolvency process, led to the closure of 80 shops but this was not enough to save the business.
In April, the company was served with a winding up notice by Revenue and Customs over unpaid taxes. Simon Bonney, a partner at Quantuma said this signalled "the beginning of the end" for the business.
"We are now in the process of conducting an orderly wind-down and would welcome contact with any interested parties who may wish to purchase assets of the company."
Bonney blamed recent changes to business rates for putting added pressure on the retail sector.
Subscribe to the Business Sale Report here
Operating internationally, the company offers the development, hosting, and maintenance of electronic document management software. The business provides maintenance contracts, licences, installation, and training for its software.
This well-established business excels in resin floor installation and repairs, alongside additional services like stainless steel drainage installations, catering to diverse sectors including engineering, aerospace, and healthcare across South West E...
The companies supply an array of gases to suit various applications, with the group’s offering comprising all types of argon, oxygen, acetylene, nitrogen, carbon dioxide, refrigerant gases, propane and butane.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.