Avner Radomsky and Michael Goldstein, administrators of RG Insolvency, ended up appointed as joint liquidators of Twinmar Confined on 19 June.
A new subsidiary of the Twinmar Team, Twinmar London Confined, bought Sole Trader’s property, which include its stock. It will completely near eight of its 37 merchants in the Uk, which include its branches in Westfield Stratford Metropolis and Milton Keynes. The 29 remaining Soletrader merchants will reopen in July.
The Soletrader web page, which operates as a separate business, will not be impacted and will proceed to trade. The retailer’s models, which include Soletrader and Sole are owned by Twinmar Team, and will not be impacted by the creditors’ voluntary liquidation.
The business said this “necessary action” will place the Twinmar Team in “a robust situation for a future outside of Covid-19, as the retail sector comes to terms with the macroeconomic implications of the latest crisis.”
Marcel Bordon, director of Twinmar, said: “For a lot more than 50 decades, Soletrader has been a fixture on the superior avenue, at the forefront of high quality footwear tendencies. For the duration of this time, we have confronted difficulties major and tiny and occur via them by supporting each other and functioning together.
“But we have never knowledgeable a problem like the present Covid-19 pandemic, which compelled us to near our community of Uk merchants all through lockdown. The financial impact of the virus has even further challenging some of the very well-documented difficulties that we, and the broader retail sector proceed to encounter, this kind of as the rise of on line purchasing and the UK’s business fees technique.”