STORE Twenty One has until the end of the week to avoid going into administration after a hearing was adjourned to give them a second chance.

The company, which is owned by Alok Industries, has been given until Friday to organise refinancing and avoid being put into administration.

A spokesman for AlixPartners, advisor for Store Twenty One, said: “We can confirm that the administration order hearing was adjourned until June 9, to enable the company more time to continue its refinancing discussions.

“The adjournment was made with the consent of the petitioning creditor and the company’s lender.”

Store Twenty One has a branch in Fore Street, Chard, as well as nearby stores in Honiton, Tiverton, Exeter and Minehead.

Nationwide, the chain employs more than 1,000 people and has around 125 high street shops.

The Chard branch was opened in November 2009 by then-mayor Jill Shortland, taking over the former Woolworths site.

When the shop opened, the manager said that it was creating nine part-time jobs as well as filling the space which had sat vacant for nearly a year, since Woolworths went into administration in December 2008.

The move also saw clothing shop QC, which had the same owners as Store Twenty One, close.

Last July there were fears the Fore Street shop could be closing within weeks of the town losing neighbouring store, MyLocal.

These worries came as the chain announced that a number of branches would be closing in an attempt to avoid bankruptcy.

At the time, the manager of Chard’s Store Twenty One gave assurances that the shop would not be closing in the foreseeable future.

The comments came after it was announced that the company would be shutting around 90 of its shops.

The manager of the shop, who did not wish to be named, said: “We will not be closing. It is mostly stores in the north which will be closing. I think all of the Scotland stores are going to close, and then some of the stores in the north as well. Overall it is about 90 shops.”

Chard’s MyLocal store has remained empty since it closed in July, despite property consultants Rowley Hughes Thompson LLP saying that a company was set to move in before the end of 2016.

Co-operative Food is also empty after closing in February.