Shoosmiths and AlixPartners have advised Grabal Alok 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 was approved. It followed the support of almost 90 per cent of the creditors.
AlixPartners’ Peter Saville, Ryan Grant and Anne O’Keefe become the supervisors of the CVA and will monitor its implementation.
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 Shoosmiths restructuring partner James Keates and senior associate Aaron Harlow.