Fashion chain Store Twenty One fails to find rescuer

UK fashion retailer Store Twenty One is to shut down after 85 years.

All 122 remaining stores will close and the company’s 900 staff will lose their jobs.

The retailer’s parent, Indian company Alok Group, has been looking for an investor since last year to save the business, after closing 80 of its stores. But in April it appointed administrators after HM Revenue & Customs served it with a winding-up notice due to unpaid taxes.

“The company is unfortunately another example of the difficulties arising in the current economy,” said Simon Bonney, a partner at Quantuma, Store Twenty One’s liquidator.

“It is very sad that matters have got to the stage where all the stores were closed… following a prolonged period of uncertainty leading up to the liquidation.”

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