Fash­ion chain goes into liq­ui­da­tion

Birmingham Post - - NEWS -

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.

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