Latest high street casualty
Genus UK, the company that owns fashion brand Select, is seeking a company voluntary arrangement as it struggles amid a tough marke.t
About 2,000 jobs are under threat as the chain, which has 183 stores in England and Wales, looks for options.
Andrew Andronikou of business advisory firm Quantuma, which is aiding Genus with the CVA, said the chain had been hit by the “depressed retail market and escalating rent and rate charges”.
“The loss of anchor tenants on high streets and in smaller shopping centres has had a downward spiralling effect on stores such as Select, culminating in a reduction of footfall and therefore custom,” he said.
“The position for this business, and many businesses of the same model is no longer tenable and has escalated to the present situation where a CVA is considered to be the only option, other than closing it in its entirety.”
Quantuma said: “The company is committed to preserving employment and, subject to acceptance of the proposal, will continue operating all of its UK sites.”
The news comes as Maplin and Toys R Us have collapsed and New Look announced closing 60 stores and slashing jobs to keep afloat