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Fashion chain Select goes into administration

Fashion chain Select goes into administration
10.05.2019
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Budget fashion chain Select has plunged into administration, putting 1,800 jobs at risk.

Select runs 169 stores across the UK and is owned by Turkish businessman Cafer Mahiroglu, who took control of the business after it last entered administration in 2008.

The company, which focuses on value clothing for 18 to 35-year-old women, called in corporate recovery firm Quantuma to advise on a Company Voluntary Arrangement (CVA) last year.

The firm employs around 1,800 staff and has around 169 stores

Quantuma said it is assessing “all options” for the chain. No redundancies have been made as a result of the administration.

Andrew Andronikou, a 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, 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, 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.”

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