By Sahar Nazir -July 7, 2020
Soletrader will permanently close eight of its 37 stores in the UK
// The retailer will shutter eight shops in the UK
Soletrader will reportedly shutter eight stores in the UK after its parent company Twinmar Limited placed it into a creditors’ voluntary liquidation.
RG Insolvency directors Avner Radomsky and Michael Goldstein were appointed as joint liquidators of Twinmar Limited on June 19.
A new subsidiary of the Twinmar Group, Twinmar London Limited, bought Soletrader’s assets, including its stock.
Soletrader will permanently close eight of its 37 stores in the UK, including its branches in Westfield Stratford City and Milton Keynes, Drapers reported.
The 29 remaining stores will reopen in July.
The Soletrader website, which operates as a separate business, will not be affected and will continue to trade.
The retailer’s brands, including Soletrader and Sole are owned by Twinmar Group, and will not be impacted by the creditors’ voluntary liquidation.
The company said this “necessary action” will place the Twinmar Group in “a strong position for a future beyond Covid-19, as the retail industry comes to terms with the macroeconomic consequences of the current crisis”.
Twinmar director Marcel Bordon said Soletrader has “faced challenges big and small” over the years.
He added that the retailer has never experienced a challenge like the present Covid-19 pandemic, which has forced it to close the network of UK stores during lockdown.
Major retailers like Laura Ashley, Debenhams, Monsoon Accessorize, Cath Kidston, Quiz and Victoria’s Secret’s UK arm have all entered insolvency after being forced to shut their doors in March during lockdown.