It is understood 1,800 jobs at the high street retailer are at risk after the appointment of administrator Quantuma. Select operates from 169 stores across the UK. The fashion chain’s owners said trading will continue in all stores until “all optionsm available to the business” have been assessed. The administration announcement comes almost one year after Select launched a company voluntary arrangement (CVA) to slash its rent bill.
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 as a going concern, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business.”
No redundancies have been made as a result of the administration.
Select is owned by Turkish entrepreneur Cafer Mahiroglu who bought the business out of administration in 2008.
The company trades as a value ladies’ fashion retailer, targeting 18 to 35 year olds, and has an annual turnover of £77 million.
Quantuma has blamed tough “high street conditions” on the struggle to deliver a turnaround plan.
Select posted a £15.5 million loss for the 18 months to December 2017.
George Charles, of money-saving website Money Saving Heroes, 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.
“It would be nice to say this is a flash in the pan following the increase in sales over previous months, but it won’t be.
“In addition to Select, Debenhams is on the verge of being in serious trouble along with a myriad of other high street names, whilst the convenience of online continues to be the most profitable method for shops to utilise.”
The latest news from Select comes after it was confirmed today that Debenhams will be pressing ahead with plans to shut 50 stores over the next three years.
The department store chain has already announced 22 branches will close by early-2020.
Meanwhile, Philip Green’s Arcadia fashion empire is exploring a CVA to turn around his Topshop group.
High-end fashion chain LK Bennett was bought out of administration saving 325 jobs in a rescue deal last month.