Joint liquidators from Quantuma appointed as Store Twenty one enters compulsory liquidation
Beleaguered fashion chain Store Twenty One has finally 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 retail firm had been battling for survival after failing to secure investment following a Company Voluntary Arrangement (CVA) in July 2016 which saw the closure of around 80 shops.
The latest decision means the closure of the remaining 122 stores and the loss of 900 jobs, prior to Quantuma’s appointment.
The beginning of the end was signalled in April this year when 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This administration application was withdrawn but then a second application was made in June and again withdrawn prior to the court finally issuing an order to wind the company up.
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.”
Store Twenty One’s turnover in recent years had 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.
Simon Bonney said: “The traditional retail sector continues to face significant challenges, not least with the changes in business rates. The company was founded in 1932 and unfortunately it is another example of the difficulties arising in the current economy.”
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Notes to Editors
Quantuma LLP is a leading restructuring and insolvency practice delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton, Bristol, Manchester and Birmingham.