Select clothing store, which has a store at Westwood Cross, has gone into administration.
The chain employs some 2,000 people. Quantuma will handle the administration process.
Select launched a Company Voluntary Arrangement (CVA) – which involves paying creditors over a fixed period – last year. It has launched the same process in 2008.
The administration process has now been confirmed. Businesses will trade as usual while the process is carried out.
Prevailing high street conditions have meant that the fashion retailer has been unable to sufficiently deliver on a turnaround plan it had embarked upon. As a result, Quantuma was appointed as administrators yesterday (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. There have been no redundancies made as a 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 T/A 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 as a going concern, 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.”