Fashion chain Select collapses into administration with 1,800 jobs at risk
A FASHION retailer has collapsed into administration putting 1,800 jobs at risk across the country.
Select, which has a store in Portsmouth’s Commercial Road, announced that it had called in the administrators this morning.
The company has become the latest retailer to go into administration following the likes of Debenhams, who last month announced that it would be shutting its Southsea store.
Select, which specialises in fashion targeted at women aged 18 to 35, has blamed the current high street conditions as the reason behind its troubles.
Business advisory firm Quantuma has been appointed as administrators for the company.
Andrew Andronikou, joint administrator at the firm – who was appointed the administrator at Pompey in 2010 – said: ‘Due to ongoing financial difficulties, I can confirm that Brian Burke, Carl Jackson and I have been appointed joint administrators of Genus UK T/A 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.’
Quantuma have said that there have been no redundancies made as a result of the administration.
Select has 169 stores across the country, as well as a head office and warehouse facilities, and it employs 1,800 staff members.