Fashion retailer Select, which has a store in Newmarket, goes into administration
A national fashion retailer with an outlet in Newmarket has gone into administration.
Select, which has a town store in The Guineas Shopping Centre, today called in administrators due to 'ongoing financial difficulties'.
Nationwide the store has 169 branches and employs 1,800 staff - none of which will be made redundant as a result of the move. It is hoped it will be sold as a going concern.
Genus UK Ltd, which trades as Select, has appointed business advisors Quantuma as administrators.
Andrew Andronikou, joint administrator at Quantuma, 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 which have been put forward by the directors.”
A CVA - a company voluntary arrangement - would see negotiations take place with creditors and landlords in order for it to continue trading.
Select targeted 18-35-year-olds with up to 4,000 fashion products, and has an annual turnover of £77m.