Store Twenty One has begun working with restructuring specialists AlixPartners to “consider options” for the future of the business to stop it falling into administration. The chain, which is owned by Indian manufacturing giant Alok Group, has tabled a company voluntary arrangement (CVA) to cut its costs, including rent and unprofitable stores.

"We have been working closely with the directors of Store Twenty One for a number of weeks to consider options for the business and to chart a course for future success,” AlixPartners’ Peter Saville said.

"After careful consideration the directors have taken today's decisions as these represent the best option in terms of preserving jobs and value within the group.

"Our focus now is on putting the restructuring plan into action by working closely with the management team and all other stakeholders in order to position the business to succeed in what is clearly an extremely competitive UK retail environment."