It was announced yesterday (Tuesday) that fashion chain Store Twenty One, which has one branch on the Isle of Wight and was founded in 1932, has finally collapsed into compulsory liquidation.
Simon Bonney, Carl Jackson and Paul Zalkin, partners at corporate recovery and business advisory firm Quantuma, have been appointed to handle the liquidation.
Employees have been told they may be entitled to make a claim for redundancy pay and compensation in lieu of notice (more detail here for staff).
In July 2016, they closed around 80 branches across the country following a Company Voluntary Arrangement (CVA), but have been unable to secure investment since.
The liquidation means the closure of Store Twenty One’s remaining 122 stores (including the one in Shanklin) and the loss of 900 jobs.
The company was ordered to wind up the business by the courts.
Quantuma partner Simon Bonney said:
“It is very sad that matters have got to the stage where all the stores were closed by management on Friday following a prolonged period of uncertainty leading up to the liquidation.
“We are now in the process of conducting an orderly wind down and we would welcome contact from any interested parties who may wish to purchase assets of the company.”
Store Twenty One’s turnover in recent years had declined from £95 million to £57 million with sustained losses over the past few years.
Our thoughts are with all those who have lost their jobs.
