- Huw Hughes |
Budget British fashion retailer Select has fallen into administration, putting 1,800 jobs at risk if a sale of the business is not agreed.
Andrew Andronikou, Brian Burke and Carl Jackson of business advisory firm Quantuma were appointed as administrators of Genus UK Ltd, trading as Select, on 10 May. Quantuma said that due to “prevailing high street conditions” Select has been “unable to sufficiently deliver on a turnaround plan it had embarked upon.”
Commenting on the news in a statement, Andronikou said: “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 entering into discussions with those parties who have already expressed interest in acqauiring the business.”
Select calls in administrators
Andronikou continued: “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.”
Last month, it was revealed the womenswear chain filed a notice of intention to appoint administrators at the High Court. In 2018, the company filed for a company voluntary arrangement (CVA) in a bid to cut rent bills and continue to operate amid increasingly difficult trading conditions.
Launched in the 1980s, the value retailer currently has 1,800 employees and operates from 169 stores across the UK, supported by a centralised head office and warehouse facilities. The company has an annual turnover of 77 million pounds, according to Quantuma.
Photo credit: Select Fashion, Facebook