HIGH street fashion chain Select has fallen into administration, putting 1,800 jobs at risk.
It’s not yet known how many of its 169 stores across the UK will close.
Alamy Select has fallen into administration
Last year, Select took out a company voluntary arrangement (CVA) to slash its rent bills.
A CVA allows a company and its creditors to come to a compromise agreement and avoid an administration or liquidation.
But administrators Quantuma have now been appointed.
The discount fashion retailer is aimed at 18-35 year olds and has an annual turnover of £77million.
Alamy No redundancies have been announced yet but 1,800 jobs are at risk
But last year, it reported a £15.5million loss for the 18 months to December 2017.
The widespread struggles faced by the British high street are thought to have damaged the chain’s turnaround plan to save itself.
No redundancies have been announced yet but 1,800 jobs are at risk.
Administrators are assessing options for the future of the business, including selling it off.
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.”
High street fashion retailers have been struggling in the last few years as they face rising costs and falling sales.
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Philip Green’s Arcadia fashion empire could launch a CVA to turn around his Topshop group.
Meanwhile department store group Debenhams announced plans last month to close 22 stores as part of a CVA.
High-end fashion chain LK Bennett was bought out of administration, saving 325 jobs in a rescue deal, last month.
Debenhams falls into administration with 50 stores to close as part of deal to save the chain
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