Shoosmiths and AlixPartners the leading global business-advisory firm, have advised Grabal Alok (UK) on restructuring options available for its value retail chain Store Twenty One, as the business seeks to remain competitive in today's retail environment.
At a meeting of creditors held on 15 July 2016 the Company Voluntary Arrangement (CVA) proposed by Grabal Alok (UK) Limited t/a Store Twenty One was approved. This followed the support of almost 90% of creditors voting. Peter Saville, Ryan Grant and Anne O'Keefe of AlixPartners will now become the Supervisors of the CVA and monitor the implementation of the proposal.
The value chain began life as Quality Seconds, and then QS, but was rebranded as Store Twenty One when it was acquired by leading Indian textiles group Grabal Alok in 2007.
Legal advice was provided to Grabal Alok by restructuring partner James Keates and senior associate Aaron Harlow of Shoosmiths LLP.
Pravin Soni, Director of Store Twenty One, said 'We would like to thank all of our employees, creditors and other stakeholders for their support, in what we know has been a very difficult time. The Directors and Management team now look forward to focussing on the future of Store Twenty One and working with everyone to make this business a success for many years to come.'
James Keates, restructuring partner at Shoosmiths, said: 'It has been a pleasure to advise the Company on this complex arrangement which in our view was in the interests of all parties concerned. As a result the business is healthier and more than a thousand jobs have been preserved.'
Peter Saville of AlixPartners commented that 'The level of votes in favour of the CVA, across all of the various creditor groups, demonstrates the strong relationships that the Company has with all of its stakeholders and the support that exists for the Store Twenty One business.'