Store Twenty One has confirmed it will close 82 stores after the majority of its creditors recently voted in favour of a company voluntary arrangement.
The CVA proposals, which includes reducing the number of Store Twenty One estates from 202 to 120 stores, was approved by 86 per cent of creditors during a meeting on July 15.
The news comes after India-based parent company Alok Group initially tasked restructuring experts AlixPartners with finding a lifeline for the budget fashion retailer so as to preserve jobs and value within the group.
AlixPartners said the proposal would help the business to “remain competitive in today’s challenging retail environment”.
The troubles facing the retailer come amid a tough time on the high street with more than 12,000 jobs at risk after the collapse of BHS and Austin Reed, as well as the collapse of convenience store chain My Local.