Discount fashion retailer enters liquidation – Insider Media

Discount fashion retailer enters liquidation

An £89m-turnover low cost fashion retailer headquartered in Solihull has been wound up within the Excessive Court docket.

An official receiver has now been appointed as liquidator to Grabal Alok (UK) Ltd, which traded as Retailer Twenty One.

It comes a yr after the enterprise entered into  an organization voluntary association (CVA) as a part of a restructure.

The plan was accepted by 90 per cent of Retailer Twenty One's collectors and on the time the corporate had about 222 branches throughout the UK.

Between July and September 2016, 93 loss-making outlets had been closed, leaving Retailer Twenty One with 128 shops.

In Might, Insider revealed that Grabal Alok (UK) Ltd had turned over £89.4m within the yr to 26 March 2016 in comparison with £92.2m a yr earlier.

Nevertheless, pre-tax losses widened considerably to £9.3m from £6.7m.

The liquidation follows experiences earlier this yr that the enterprise was on the point of insolvency and had filed a discover of intention to nominate directors.

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Discount fashion retailer enters liquidation - Insider Media