Struggling value fashion chain Store Twenty One is looking to exit leases on almost half of its UK stores, according to its CVA document.
Indian owner Alok Group has proposed a CVA which will see the chain slash its rent bill and close unprofitable shops in a bid to avoid administration.
Restructuring firm AlixPartners has been working with the retailer to help find a lifeline for the business ahead of an administration hearing on 11 August.
If the CVA document, dated 28 June, is agreed, the retailer would be let off 90% of the rent and service charges it had owed landlords up to and including 23 June.
From 9 June: Administration hearing for Store Twenty One >>
From 10 June: What next for Store Twenty One? >>
From 29 June: Store Twenty One seeks CVA >>
A total of 84 shops are considered commercially viable and there are no plans to shut them, but a full rent would be paid monthly, rather than quarterly.
Seventeen shops could stay open only if landlords accepted 75% of the rent on a quarterly basis.
Another 77 shops have been earmarked for closure. In the meantime, landlords would only be paid 5% of the rent on a quarterly basis.
Any shops to be closed would be shut within the next three months and landlords given 30 days’ notice.
The shops earmarked for closure are:
| Site | Site address |
|---|---|
| Swinton | The Parade |
| Llanelli | 8 Vaughan Street |
| Whitchurch | Watergate Street |
| Dagenham | Heathway Shopping Centre |
| Morriston | Woodfield Street |
| Bishop Auckland | Newgate Street |
| Newcastle under Lyme | |
| Colwyn Bay | 19 Station Road |
| Catford | 2/3 Winslade Way |
| Dartford Centre | “35-37 The Priory |
| Bury | Kay Gardens |
| Wallasey | Liscard Way |
| Runcorn | Orchard Walk |
| Wrexham | Regent Street |
| Warrington | “Unit 17/18, The Mall, |
| Cockhedge Shopping Centre | |
| Bearwood Shopping Centre | “579 Bearwood Road |
| Wakefield | Kirkgate |
| Grantham | 58/58a High Street |
| Batley | 62 Commercial Street |
| Chester | The Forum Shopping Centre |
| Haverfordwest | 26 Bridge Street |
| Romford | Liberty Shopping Centre |
| Ellesmere Port | The Port Arcades Shopping Centre |
| Cardigan | Canolfan Teifi |
| Edmonton | 137-149 Fore Street |
| Brierley Hill | Units 6/7 The Moor Centre |
| Carmarthen | 21/22 Merlins Walk |
| Fleetwood | 68-74 Lord Street |
| Openshawe | Unit 4 |
| Barnet | 93 High Street |
| Bognor Regis | 54 High Street |
| Hailsham | Unit 16, The Quintins |
| Witham | Unit 1a Grove Centre |
| Blairgowrie | High Street |
| Glenrothes | Unicorn Way |
| Lanark | High Street |
| Saltcoats | Dockhead Street |
| Dumbarton | The Artizan Shopping Centre |
| Cumbernauld | Teviot Walk |
| Hawick | High Street |
| Kirkcaldy | Mercat Shopping Centre |
| Penicuik | High Street |
| Aidree | 74-76 Graham Street |
| Westerhailes | Westside Plaza |
| Grangemouth | York Square |
| Dundee | Wellgate Shopping Centre |
| Bathgate | 37-39 George Street |
| Ebbw Vale | Unit 1 Market Street |
| Kingstanding | Unit 1-4 Kingstanding Shopping Centre |
| Musselburgh | 175-181 High Street |
| Grays | Grays Shopping Centre |
| Waterlooville | 99/101 London Road |
| Maidenhead Home | 87 High Street |
| South Shields | 101-108 King Street |
| Edmonton Green | Market Square |
| Holyhead | Unit 2 Penrhos Industrial Estate |
| Lymington 0305 | 76 High Street |
| Workington | 45-49 Pow Street |
| Bromsgrove | High Street |
| Winton | 411 Wimbourne Road |
| Alnwick | 4 & 5 Lagny Street |
| Totton | 23a The Precinct |
| Dover | Unit 5 16 Biggin Street |
| Chippenham | Unit 31 Borough Parade |
| Stroud | 1-2 King Street |
| Evesham | 3/5 High Street |
| Wallsend | The Forum |
| Wisbech | 25 High Street |
| Knowle | Broadwalk Shopping Centre |
| Woolwich | Units 2 & 3, 114 Powis Street & 7-13 Hare Street |
| Aberystwyth | Unit 1 Station Yard, Alexandra Road |
| Crystal Peaks | Units 43/44 West Mall |
| Caldicot | 43 Newport Road |
| Epsom | 44 High Street |
| Newquay | 10 Bank Street |
| Penzance | 38/39 Market Place |
| Scottish out base | Unit 27, New Houston Industrial Estate, Muir Place, Livingstone |
