Select has appointed administrators today, who say high street conditions meant the fashion retailer was not able to complete a turnaround plan that it had started. However the business continues to trade, both in store and online, while administrators look at the potential future options for the business, ranked Top500 in IRUK Top500 2019 research. These could include a company voluntary arrangement (CVA).
Value fashion retailer Select is aimed at 18 to 35-year-olds, has 1,800 members of staff and operates 169 stores around the UK, supported by a central head office and warehousing. It turns over £77m a year, selling from a range of up to 4,000 fashion items.
Joint administrator, Andrew Andronikou, of 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, trading as Select.
“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 as a going concern, in addition to entertain discussions with those parties who have already expressed interest in acquiring the business.
“To support these efforts, a data room 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.”
Quantum was appointed as administrator to the business yesterday.
Commenting, George Charles of money-saving website www.MoneySavingHeroes.co.uk&source=gmail&ust=1557579687725000&usg=AFQjCNFIfcCe0LgdQLiq16uoHsIU4hrCcQ">MoneySavingHeroes.co.uk, said: “The high street has once again been dealt a huge blow; high street outlets seem to be dropping like flies and the future for many of these stores certainly looks bleak. This truly is a nightmare day for the 1,800 people who may lose their jobs if Select cannot be saved."
Image: Screenshot of Selectfashion.co.uk website. InternetRetailng Media