Store Twenty One, the discount fashion chain, has gone into liquidation, resulting in the loss of 900 jobs.
The retailer has been on the brink of collapse for a number of weeks after it failed to raise any extra cash from its main lender, State Bank of India. In a rush to raise funds its owner, Alok Industries, sold its head office and warehouse.
However, the company failed to raise the necessary funds by a deadline imposed by HM Revenues and Customs, meaning its remaining 122 shops will be shuttered and 900 staff will be laid off.
Simon Bonney, Carl Jackson and Paul Zalkin, partners at corporate recovery and business advisory firm Quantuma, have been appointed to handle the liquidation.
Store Twenty One, which was previously known…
Read the full article at: http://www.telegraph.co.uk/business/2017/07/11/store-twenty-one-collapses-liquidation-loss-900-jobs/
