Midlands retail group liquidated with the loss of 900 jobs
Solihull-based discount clothing and homeware retailer Store Twenty One has been wound up in the High Court after all attempts to save the business failed.
The move means the closure of 122 stores around the country and the loss of 900 jobs.
The future of the company had been on a knife-edge since HM Revenue & Customs issued a winding up notice against it in April over unpaid taxes.
It had been limping along since entering into a Company Voluntary Arrangement on July 15, 2016 and with the general decline in the retail environment, safety was a long way off.
An 11th hour bid to stave off administration in June through the sale of its headquarters at Alok House, Drayton Road, Shirley was in vein and the business bowed to the inevitable on Friday when its stores closed for the final time.
Simon Bonney, Paul Zalkin and Carl Jackson, of Quantuma, have been appointed as joint liquidators.
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 turnover in recent years had declined from £95m to £57m with sustained losses over the past few years.
Following the winding up order, the case was passed to the Official Receiver’s office and this lead to Quantuma’s appointment as liquidators.
Mr Bonney added: “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.”
Store Twenty One was the trading name of Grabal Alok (UK) Ltd.
The Insolvency Service has said employees of Grabal Alok (UK) will be entitled to redundancy pay and compensation in lieu of notice.
