Friday, August 19, 2022

Fears of 1,000 job losses at Store Twenty One

Fashion retailer Store Twenty One has attracted the attention of restructuring firms amid fears that the company is struggling to maintain its spot on the troubled high street, it has been reported, heightening concerns of up to 1,000 job losses.

It is understood that bailiffs were called to a number of stores over the weekend to collect stock, raising fears about unpaid rent, according to The Mail on Sunday.

Since then, Store Twenty One has ceased trading online as the transactional function on its website was shut down today.

It is also believed that fashion retailer Republic has also hit hard times and is in the process of negotiating possible monthly rent collection to control cashflow.

Selling lingerie designed by celebrity Katie Price, Store Twenty One previously operated as QS and was acquired in 2007 by Indian textile supplier Alok Group.

It is understood that the retailer has sparked the interest of turnaround specialist GA Europe and Hilco, which has acquired the debt of entertainment retailer HMV in order to “urgently assess its financial position”.

Store Twenty One could not be reached for comment.


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