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Soletrader restructures via voluntary liquidation

Avner Radomsky and Michael Goldstein, directors of RG Insolvency, were appointed as joint liquidators of Twinmar Limited on 19 June.

A new subsidiary of the Twinmar Group, Twinmar London Limited, bought Sole Trader’s assets, including its stock. It will permanently close eight of its 37 stores in the UK, including its branches in Westfield Stratford City and Milton Keynes. The 29 remaining Soletrader 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.”

Marcel Bordon, director of Twinmar, said: “For more than 50 years, Soletrader has been a fixture on the high street, at the forefront of premium footwear trends. During this time, we have faced challenges big and small and come through them by supporting each other and working together.

“But we have never experienced a challenge like the present Covid-19 pandemic, which forced us to close our network of UK stores during lockdown. The financial impact of the virus has further complicated some of the well-documented challenges that we, and the wider retail industry continue to face, such as the rise of online shopping and the UK’s business rates system.”

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