Store Twenty One has said that it will close 82 stores as part of a Company Voluntary Arrangement which will streamline the store estate in order to “remain competitive in today’s challenging retail environment”.

The proposals, which have been voted for by 86% of the company’s shareholders, include taking the number of stores from 202 to 120 and are expected to help avoid more widespread job losses.

India-based parent company Alok Group appointed restructuring AlixPartners last month in an effort to avoid administration.

At the time a spokesman said: “"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."