A fashion chain has become the latest casualty of the economic crisis on our high streets.
Business advisory firm Quantuma has been appointed as administrators of Genus UK Ltd, trading as Select.
The business has 1,800 employees and operates from 169 stores across the UK, supported by a centralised head office and warehouse facilities.
Select has branches in Lancashire including Preston, Lancaster and Blackburn.
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.
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 on the 9 May 2019, 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/ASelect.
“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.”