CVA plan for Store Twenty One
Published: 29 June, 2016
Bid to save 202 stores and more than 1,000 jobs across the UK
The owner of budget fashion brand Store Twenty One has tabled a proposal for a company voluntary arrangement which could involve closing some stores and rent cuts on others.
The brand, which traded as QS until 2010, has brought in restructuring experts from AlixPartners to manage the process.
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.
"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."