Value fashion chain Store Twenty One will close 82 of its shops after creditors and landlords voted in favour of a company voluntary arrangement.
Around 86% of those eligible voted in favour of the CVA at a meeting on 15 July.
The firm will now close the shops and landlords will be paid only 5% of the rent that they are owed on a quarterly basis.
Around 84 shops will continue to pay monthly rents but will be dealt with on an individual basis to determine their trading status.
Some of these shops have already begun to close.
Another 17 shops will stay open, but landlords will be paid only 75% of the rent on a quarterly basis.
Peter Saville of AlixPartners, which is handling the process, said: “The level of votes in favour of the CVA, across all of the various creditor groups, demonstrates the strong relationships that the company has with all its stakeholders and the support that exists for the Store Twenty One business.”
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