- Angela Gonzalez-Rodriguez |
New York - UK’s fashion retailer chain Select announced Tuesday its proposals for a Company Voluntary Arrangement (CVA) were approved by the majority of its creditors.
Genus UK Ltd, which trades as Select, gathered the approval of 87 percent of its creditors at a meeting in Central London this morning. Ina corporate release Andrew Andronikou, joint administrator, said: “The approval of the joint administrator’s proposals gives the best outcome for creditors as a whole. This will mean no immediate closures of the company’s stores, and no immediate redundancies.
“This should provide a platform upon which the company can deliver changes to its operational costs and structures, allowing it to stabilise and move forwards. As widely reported, there are many challenges in the UK retail sector, a factor which has adversely affected the high street. We are therefore pleased with the outcome of today’s meeting and the support displayed by creditors in their acceptance of the proposal, which has resulted in the rescue of the business,” further explained Androniku.
The value ladies’ fashion retailer went into administration in early May.