Store Twenty One owners 'exploring all options' to save company
The owners of budget fashion chain Store Twenty One are racing to save the business ahead of an administrators' hearing in eight weeks' time.
Bosses are understood to be exploring all options to revive the firm, including a possible sale, attracting fresh investment, a debt for equity swap or a Company Voluntary Arrangement (CVA).
Restructuring experts AlixPartners have been appointed to help find the lifeline, as the retailer continues to grapple with tough trading conditions on the high street.
The chain, which has around 200 stores and employs more than 1,000 staff, is expected to fall into administration at a court hearing on August 11 if a solution cannot be found.
The troubles facing the business come amid a bloodbath on the high street with more than 12,000 jobs at risk following the collapse of BHS and Austin Reed.
Store Twenty One, which is c ontrolled by Indian manufacturing giant Alok Group , closed 10 loss-making stores and opened 38 new ones in the year between 2014 and 2015.
According to its latest accounts on Companies House, the firm recorded a pre-tax loss of £6.7 million in the year to March 28 last year, compared to a loss of £9.9 million the year before.
But the Solihull-based firm saw turnover hit £92.2 million, up from £89.4 million in 2014.
AlixPartners declined to comment. Store Twenty One did not respond to a request for comment.