Struggling fashion chain Store Twenty One is being liquidated with the loss of 900 retail jobs.
The value clothing retailer, which was based in Solihull in the West Midlands, has entered compulsory liquidation and its 122 stores which ceased trading on Friday will not reopen. The company had been in a precarious financial situation since April when HM Revenue & Customs issued a winding-up notice over unpaid tax.
Store Twenty One, which was owned by Indian textiles company Alok Group, had a chequered financial history and had struggled to adapt as low-cost fashion rivals such as Primark expanded across the UK. In recent years its turnover had declined from £95m to £57m, a performance that was accompanied by sustained losses.
It i…
Read the full article at: https://www.theguardian.com/business/2017/jul/11/store-twenty-one-liquidation-jobs-stores
