Retail Fashion Chain Announces Closure After 85 Years in Business

consumer
July 11, 2017Jul 11, 2017

Recently, the retail fashion chain, Store Twenty One, announced they have failed to secure new investments. The failure means no new financial backers believe in the viability of the chain.

A corporate firm has appointed a liquidator to oversee the store closures. As many as 122 stores will be set to close.

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The move also spells trouble and sadness for hundreds of workers. According to reports, as many as 900 employees are losing their jobs.

“The chain's owner, Indian manufacturing group Alok, failed to secure fresh investment for the chain after a Company Voluntary Arrangement (CVA) - which gives firms more time to settle debts - that was agreed in 2016,” according to reports.

For consumers, deals are springing up on the store’s website. They are reportedly offering half price on all goods, but consumers are unable to actually purchase the goods.

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"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,” reported officials.

"The traditional retail sector continues to face significant challenges, not least with the changes in business rates. The company was founded in 1932 and unfortunately, it is another example of the difficulties arising in the current economy."

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