In a last ditch attempt to save women’s fashion retailer Select and their 1,800 employees administrators have been called in.
Administrators at advisory firm Quantuma have luanched a compulsory voluntary agreement (CVA) in an effort to save the retailer’s 169 UK stores.
Andrew Andronikou, partner at Quantuma said, “The turnaround plan embarked upon by the management delivered benefits but had not reached sufficient maturity to protect the business from this impact in the market.
“There remains the opportunity, with the support of its parent company, to bring these to fruition and, in doing so, return the business to a stable and profitable position.”
However, if the landlords do not approve the measures and if a buyer cannot be found the fashion retailer could cease trading and redundancies will be made.