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Economic Development

Bid to save Store Twenty One from going bust

AlixPartners Services appointed to carry out company voluntary arrangement on Solihull retailer as it seeks to save beleaguered high street name

(Image: Dominic Lipinski/PA Wire)

Retail group Store Twenty One is undergoing a company restructuring programme in a bid to prevent it going bust.

Advisory firm AlixPartners Services 海角视频 has been appointed nominee of a company voluntary arrangement (CVA) relating to Shirley-based Grabal Alok (海角视频) which operates 202 Store Twenty One outlets across the 海角视频, employing around 1,000 staff.

Store Twenty One sells clothing, shoes and household goods such as bedding and lighting and has shops across Birmingham, the Black Country and Worcestershire.

This is the latest high street name to be hit by tough trading after and

AlixPartners has also been appointed as administrator of Be-Wise and QS, both of which are property subsidiaries of the Store Twenty One group which is owned by Indian textile business Grabal Alok.

Both of these developments follow an in-depth review of Store Twenty One group's operating model and analysis of the restructuring options available to it as the business seeks to remain competitive, according to AlixPartners.

Peter Saville, managing director of AlixPartners' restructuring services practice, 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 these decisions as they represent the best option in terms of preserving jobs and value within the group.