Fashion firm's Store Twenty One bid to stave off administration
The owner of budget fashion chain Store Twenty One has proposed a radical restructure of the retailer as it scrambles to avoid administration.
Indian manufacturing giant Alok Group has tabled a proposal for a company voluntary arrangement, which is understood to involve slashing its rent bill and potentially closing unprofitable stores.
Store Twenty One operates 202 stores and employs more than 1,000 people across the UK, although it has no stores in Northern Ireland.
Restructuring experts AlixPartners is working with the struggling company.
Peter Saville 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 these represent the best option in terms of preserving both jobs and value within the group.
"Our focus now is on putting the restructuring plan into action by working closely with the management team."