The women’s clothing and fashion retailer Select has fallen into administration, putting 169 UK stores and 1,800 jobs at risk.
The firm, which targets women aged 18-35, has been struggling despite having struck a deal in April last year that cut rents at its stores.
Select’s administrators said stores would continue to trade while all options for the business were assessed.
Last year, the retailer – which has annual sales of £77m – used a process called a company voluntary arrangement (CVA) to negotiate rent cuts of up to 75% from its landlords. However, business advisory firm Quantuma, which has been appointed as administrators to Select, said “prevailing High Street conditions” meant the turnaround plan the chain had tried had not succeeded.
Andrew Andronikou, joint administrator at Quantuma, 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, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business.”
Photo: Select on Bangor High Street