Retail group Store Twenty One is undergoing a company restructuring programme in a bid to prevent it going bust.
Advisory firm AlixPartners Services UK has been appointed nominee of a company voluntary arrangement (CVA) relating to Shirley-based Grabal Alok (UK) which operates 202 Store Twenty One outlets across the UK, employing around 1,000 staff.
Store Twenty One sells clothing, shoes and household goods such as bedding and lighting and has shops across Birmingham, the Black Country and Worcestershire.
This is the latest high street name to be hit by tough trading after both Austin Reed and BHS both collapsed in recent weeks.
AlixPartners has also been appointed as administrator of Be-Wise and QS, both of which are property subsidiaries of the Store Twenty One group which is owned by Indian textile business Grabal Alok.
Both of these developments follow an in-depth review of Store Twenty One group's operating model and analysis of the restructuring options available to it as the business seeks to remain competitive, according to AlixPartners.
Peter Saville, managing director of AlixPartners' restructuring services practice, 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 they represent the best option in terms of preserving jobs and value within the group.
"Our focus now is on putting the restructuring plan into action by working closely with the management team and all other stakeholders in order to position the business to succeed in what is clearly an extremely competitive UK retail environment."
