Skip navigation

Gloucestershire Business News

Budget high street clothing store to close

Discount clothing company Store Twenty One has been liquidated, with a loss of 900 jobs.

The retailer, which has shops in Gloucester, Stroud, and Tewkesbury, has been struggling since April when HM Revenue and Customs released a winding-up notice over unpaid tax payments.

The company started in the 1930s as a clothing supplier factory to companies such as Selfridges and Marks and Spencer's.

Swift success of these factories led to the opening of factory outlet stores and later a number of high street stores in the 1970s.

In 1987 it rebranded, and the sale of 'seconds'  to other companies ceased.

Simon Bonney, who is handling the liquidation, said: "It is very sad that matters have got to the stage where all the stores were closed by management on Friday following a prolonged period of uncertainty leading up to the liquidation,"

"We are now in the process of conducting an orderly wind-down and would welcome contact from any interested parties who may wish to purchase assets of the company."

The company, owned by Grabal Alok, an India-based textile company, has been struggling since the 1990s after the expansion of other cheap clothing retailers such as Peacocks and Primark.

Store Twenty One owned just over 200 stores last year, but it was announced in June of 2016 that it would have to close 90 stores as part of a company voluntary arrangement after it dismissed other options including debt for equity swap. It has now had to close all remaining 122 shops.

"The traditional retail sector continues to face significant challenges, not least with the changes in business rates," said Mr Bonney. "The company was founded in 1932 and unfortunately it is another example of the difficulties arising in the current economy."

Related Articles

Uber and out of London

Taxi company Uber will not have their licence renewed by Transport for London, it has been revealed.

Click here for more details

County students scoop seats to hear Hillary Clinton speak at festival

Students and school children from all over Gloucestershire have scored seats to hear Hillary Clinton speak at the Cheltenham Literature Festival.

Click here for more details

Two-county NHS merger could mean job losses, claims union

A health union has spoken of its concern over news of the Gloucestershire and Herefordshire NHS merger.

Click here for more details

Solar panels go up on to the roof of Gloucestershire County Council

Another high profile rooftop solar installation is underway for Gloucestershire company, Mypower.

Click here for more details

Copyright 2017 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.