Store Twenty One Threatened With Closure
24th June 2016
Budget fashion retailer Store Twenty One is fighting for its future ahead of an administrators' hearing due in six weeks time.
The chain - owned by indian manufacturing giant Alok Group -
recorded a pre-tax loss of £6.7 million in the year to March 28 2015.
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 has approximately 200 stores and employs more than 1,000 staff. They are expected to fall into administration at a court hearing on August 11 if a solution cannot be found.
One of their stores is of course in Burgess Hill on Church Walk. The freehold of that building is owned by NewRiver Retail who also own the whole of the soon-to-be-redeveloped Martlets Shopping Centre.
Our sources tell us that staff have been paid late for several months now. In store, there's a lack of stock with prices having been pushed up by as much as 50%
As the Burgess Hill store is under the previous Q&S and BeWise contract, they are first in line to close.
We'll keep you updated as and when developments happen.
|Spread the word, Store Twenty One in Burgess Hill is likely to close!
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How do you feel about the potential loss of Store Twenty One from Burgess Hill town centre? It's a big retail unit, what would you like to see arrive in its place?