Store Twenty One is seeking to pull off a company voluntary agreement asking landlords to accept reduced rent.
The value fashion chain’s problems emerged when it lined up restructuring experts at AlixPartners to file for an administration hearing.
The efforts to reach a CVA on its 218 shops was revealed last night. The company has also put its property subsidiaries Bewise and QS into administration.
Peter Saville, of AlixPartners, said: “We have been working closely with the directors of Store Twenty One for a number of weeks to consider options for the business and to chart a course for future success.
- From June 9: Administration hearing for Store Twenty One
- From June 10: What next for Store Twenty One?
“After careful consideration the directors have taken today’s decisions as these represent the best option in terms of preserving jobs and value within the group.
“Our focus now is on putting the restructuring plan into action by working closely with the management team and all other stakeholders in order to position the business to succeed in what is clearly an extremely competitive UK retail environment.”
The chain, run by Indian textile giants Alok Group, has been loss-making for years and first came under pressure in 2006 when it was called QS, later rebranding to Store Twenty One.
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