Fashion chain Select has gone into administration – putting its three Devon stores at risk of closure.
The business, which employs 1,800 people across its 169 UK stores, has branches in Torquay, Paignton and Barnstaple.
Its administrator, Quantuma, has said it is assessing “all options” for the chain. No redundancies have been made as a direct result of the administration.
Andrew Andronikou, joint administrator at Quantuma, said: “Due to ongoing financial difficulties, I can confirm that Brian Burke, Carl Jackson and I have been appointed joint administrators of Genus UK, trading as Select.
“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, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business.
“To support these efforts, a dataroom has been established and any further expressions of interest are invited. We will also be assessing CVA proposals which have been put forward by the directors.”
Select has been struggling for several years, and underwent a CVA (company voluntary arrangement) last April.
Now, the business could be forced to carry out a second CVA within a year of the first.
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The business has 1,800 employees and operates from 169 stores across the UK, supported by a centralised head office and warehouse facilities.
The company trades as a value ladies’ fashion retailer, targeting 18-35-year-olds with up to 4,000 fashion products, and has an annual turnover of £77m.
As a result, Quantuma was appointed as administrators on May 9, with Andrew Andronikou, Brian Burke and Carl Jackson overseeing the process.
The joint administrators are assessing the available options for the business to ensure its future operations.
When Select took out a CVA last year, it managed to cut its rents by up to 75 per cent and saved nearly 2,000 jobs.
Select came under Mahiroğlu’s ownership in 2008 when he bought the fashion chain out of its first administration.