122 shops shut as Store Twenty One collapses

The retail chain, which has its headquarters in Solihull, had been battling for survival after failing to secure investment following a company voluntary Arrangement in July 2016 which saw the closure of around 80 shops.

The latest decision means the closure of Store Twenty One’s remaining 122 sites, including at the Trident Centre, Dudley, and High Street, Brownhills, and the loss of 900 jobs.

Simon Bonney, Carl Jackson and Paul Zalkin, partners at corporate recovery and business advisory firm Quantuma, have been appointed to handle the liquidation.

The beginning of the end was signalled in April 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This administration application was withdrawn but then a second application was made in June and again withdrawn prior to the court finally issuing an order to wind the company up.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 Mr 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 annual turnover in recent years had declined from £95 million to £57m 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.

Mr 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.”