Fri, 10 May 2019 | ADMINISTRATION
For the second time, fashion retailer Select has fallen into administration as a result of ongoing financial difficulties and tough trading conditions on the high street.
The company was forced to call in professional advisory firm Quantuma to handle the administration process, with partners Andrew Andronikou, Brian Burke and Carl Jackson appointed as joint administrators of Genus UK Limited, which trades as Select.
Select entered administration for the first time in 2008 and underwent a CVA process in April 2018 through which it successfully cut its rents by up to 75 per cent and saved nearly 2,000 jobs. However, it failed to deliver further on its turnaround plan.
In a statement released by the administrators, Andronikou 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.
“We will also be assessing CVA proposals that have been put forward by the directors.”
Owned by Turkish entrepreneur Cafer MahiroÄlu, Select operates roughly 180 stores across the country. The chain is owned by Özdemir Üç Tekstil, MahiroÄlu’s family’s clothing company, which runs factories in Romania, Turkey and Vietnam.
The retailer, which targets women aged 18 to 45, suffered a loss of £15.5 million on £117 million worth of sales in the year and a half ending December 2018. It stated online shopping as its main competition, and being unable to keep up with the cheap prices offered by numerous online retailers.
Click here to view the Genus UK Limited listing for full details.
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