Fresh doubts emerge over Store Twenty One
Fears are growing for the future of Store Twenty One, the troubled discount fashion chain, after it emerged it has not paid rent on some of its 200 stores.
This follows the quarterly rental bill for Store Twenty One - which is owned by Grabal Alok, the subsidiary of an Indian clothing manufacturer - landing on 25 March.
Sources said Store Twenty One, which previously traded as QS, had not yet met its rental obligations on a number of its worst-performing stores. It is understood to have paid its rent on many stores, of which a chunk are now on monthly rents.
The retailer made a loss of £19.9m, on lower revenues of £99.4m over the year to 31 March 2012 and has been struggling for years.
In a letter in early February, Grabal Alok’s lawyers, Fladgate, said: “You will appreciate that if our clients encounter a high degree of hostility from landlords, our clients may be forced to pursue insolvency options”. Store Twenty One has closed shops including one in London’s Finchley another reportedly in Royston recently.
The company did not respond to requests for comment.
- 1 Crystal meth addict 'gouged out his eyes and ate them' while high on drug, Australian MP claims
- 2 Saudi Arabia 'seeking to head United Nations Human Rights Council'
- 3 Group of students refused entry to Leicester nightclub 'because they are black'
- 4 Irish people are travelling home from all over the world so they can vote to legalise gay marriage
- 5 Arsenal fan asks the Queen for tickets to the FA Cup final - gets a reply from Buckingham Palace
Ireland's same-sex marriage vote: Dublin in party mood ahead of historic poll result
Saudi Arabia 'seeking to head United Nations Human Rights Council'
The ten most unequal developed countries in the world
Toddler throws a tantrum at the White House – in front of Barack Obama
Irish people are travelling home from all over the world so they can vote to legalise gay marriage
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
The day that Britain resigned as a global power
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...