Select fashion chain goes into administration putting 1,800 jobs at risk
Fashion retailer Select has become the latest casualty of the high street, with the chain entering administration, putting 1,800 jobs at risk.
The womenswear brand has 169 stores across the UK and is owned by Turkish entrepreneur Cafer Mahiroglu, who took control of the business after it entered administration in 2008.
The chain will continue to trade in-store and online for the time being, as it assesses all of the options available to the business.
The company, which trades as a value ladies' fashion retailer for 18-to-35-year-old women, called in corporate recovery firm Quantuma to advise on a Company Voluntary Arrangement (CVA) last year.
Tough high street conditions have seen the brand struggle with financial difficulties, forcing it to appoint Quantuma as administrators, with Andrew Andronikou, Brian Burke and Carl Jackson overseeing the process.
The joint administrators are assessing the best available options to ensure its future operations.
No current redundancies
There have been no redundancies made as a result of the administration, although the move has put 1,800 jobs at risk.
Andrew Andronikou, joint administrator at Quantuma, said: “Due to ongoing financial difficulties, I can confirm that Brian Burke, Carl Jackson and I have been appointed joint administrators of Genus UK T/ASelect.
“We will continue to trade Select whilst we assess all options available to the business, with the aim of achieving the optimum outcome for all stakeholders.
"Options include a sale of the business, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business.
"To support these efforts, a dataroom has been established and any further expressions of interest are invited.
"We will also be assessing CVA proposals which have been put forward by the directors.”
This story originally appeared on our sister site The Star.