Select Retail in administration

Women's fashion store chain Select Retail has gone into administration, but half the 250 stores have already been sold to a management buy-out team.

According to the BBC, Administrators UHY Hacker Young said the sale secured the full-time employment of approximately 1,000 members of staff. UHY Hacker Young added that the remaining Select stores would stay open in an attempt to find a buyer.

A number of potential suitors have already expressed an interest.

Select blamed the move into administration on a "deteriorating trading performance" since the start of the year.

The company is based in Hertfordshire.