What next for Store Twenty One?

If Store Twenty One does enter administration the surplus retail space could increase pressure on rents in some markets, the property industry has warned. The value fashion retailer, which has 218 shops across the country and employs 750 staff, has filed for an administration hearing. From yesterday: Administration hearing for Store Twenty One The hearing will take place on 11 August. Before then it will consider restructuring options including: A CVA A sale of part or all of the business to release funds A search for further investment. If no solution is found, administration is the most likely outcome. Restructuring experts at AlixPartners have been lined up to handle the process. Store Twenty One does not have any shops in central London. Most stores are located in regional towns and cities. Its shops – between 2,000 and 8,000 sq ft – would be likely to attract a number of retailers if the business to goes into administration and the shops close. Will Thomas, director of retail at KLM, said: “There have been rumours about the company for a long time so most landlords will have been planning for this. “The shops are generally well configured and in good secondary locations and should attract reasonable interest. It adds more supply to the market, however, and will increase pressure on rents in some markets. “It is doubtful there will be a buyer for the business and another break-up looks inevitable.” • To send feedback, e-mail amber.rolt@estatesgazette.com or tweet @AmberRoltEG or @estatesgazette