Store Twenty One

Store Twenty One was a discount clothing and homeware retailer in the United Kingdom. It entered compulsory liquidation on 11 July 2017.

Store Twenty One (Store 21)
IndustryFashion
FoundedLondon, England (1932)
Defunct2017 (2017)
FateLiquidation
HeadquartersSolihull, West Midlands
Area served
United Kingdom
Key people
Grabal Alok
ProductsClothing
A Store Twenty One in Chichester, England

HistoryEdit

Store Twenty One was created by Grabal Alok, the Indian-owned textile manufacturer which bought parts of the QS Stores (formerly Quality Seconds) and Bewise chains that went into administration in 2006. Quality Seconds was founded in 1932 as a clothing supplier, and opened stores in the 1960s to sell factory seconds to the public. From the 1980s, QS stopped selling seconds, but remained a discount clothing store.[1]

In May 2015, the business had 125 stores nationwide, selling a selection of fashion and homeware at discounted prices. Its head office was based in Solihull, West Midlands, England.[2]

In July 2016, it was reported that Store Twenty One was facing financial difficulties and that some stores were closing down, as it faced going into administration in August if no agreement in reducing rents was agreed. In July 2016, it was proposed and agreed that company voluntary arrangement action should be taken.[3]

In May 2017, it was reported that Store Twenty One was on the brink of going into administration for the second time, due to poor trading conditions and corporate mismanagement. A total of seventy seven stores were scheduled to be closed over the following months.[4][5] The entire remaining business entered compulsory liquidation on 11 July 2017, closing all remaining stores.[6][7]

ReferencesEdit

  1. ^ Walsh, Fiona (11 February 2006). "Clothing chains join retail casualty list". The Guardian. Retrieved 19 August 2018.
  2. ^ "Store Twenty One - About Us". Retrieved 8 May 2015.
  3. ^ GEOGHEGAN, JILL (18 July 2016). "Store Twenty One to close chunk of stores as CVA is approved". Drapers. Retrieved 21 May 2017.
  4. ^ "Store Twenty One expected to shut nearly 80 stores as CVA approved". Retrieved 20 July 2016.
  5. ^ Armstrong, Ashley (20 May 2017). "Store Twenty One on brink of collapse after bank withdraws support". The Telegraph. Retrieved 21 May 2017.
  6. ^ "Store Twenty One collapses into compulsory liquidation". Retail Week. 11 July 2017.
  7. ^ Wood, Zoe (2017-07-11). "Store Twenty One goes into liquidation with loss of 900 jobs". The Guardian. ISSN 0261-3077. Retrieved 2020-02-10.