Fashion chain goes into liquidation
BELEAGUERED fashion chain Store Twenty One has collapsed into compulsory liquidation.
Simon Bonney, Carl Jackson and Paul Zalkin, partners at corporate recovery and business advisory firm Quantuma, have been appointed to handle the liquidation.
The Shirley-based retailer had been battling for survival after failing to secure investment following a company voluntary arrangement (CVA) in July last year which saw the closure of 77 shops.
The latest decision meant the closure of Store Twenty One’s remaining 122 stores and the loss of 900 jobs at the end of last week prior to Quantuma’s appointment.
Among the affected stores are shops in Perry Barr, Erdington, Kings Heath, Northfield and Sheldon.
In April, the company’s management filed a notice to appoint administrators after Store Twenty One was served with a winding-up notice by HM Revenue & Customs for breaching the terms of the CVA.
This administration application was withdrawn but a second application was made in June and again withdrawn prior to the court final- ly issuing an order to wind up the company.
Mr Bonney said: “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.”
Store Twenty One’s turnover in recent years declined from £95 million to £57 million with sustained losses over the past few years.
Following the winding-up order, the case was passed to the Official Receiver’s office and a Secretary of State appointment of Quantuma as liquidators quickly followed.