Select lines up administrators
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Budget British fashion retailer Select is reportedly preparing to call in administrators, putting some 2,000 jobs at risk.
According to Retail Week, the womenswear chain filed a notice of intention to appoint an administrator in the middle of last week and has lined up advisory firm Quantuma to handle the administration process.
Last year, Select filed for a company voluntary arrangement (CVA) in a bid to cut rent bills and continue to operate amid increasingly difficult trading conditions.
Select is the latest British retailer to feel the strain of the UK’s ailing highstreet. Retail powerhouse Arcadia, which owns brands Topshop, Topman, Miss Selfridge, Dorothy Perkins, Wallis and Evans, is also currently mulling over a CVA as part of the group’s turnaround plan.
In March, British fashion and accessories brand LK Bennett fell into administration after reporting an operating loss of 5.9 million pounds in 2018 for the financial year ending 29 July.
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Photo credit: Select Fashion, Facebook