Select Fashion is reportedly on the brink of collapse (Image: Getty)
High Street retailer is reportedly on the verge of collapse as the struggling chain is close to shutting 23 shops across the UK. The group has called in advisers to oversee a process of liquidation, according to documents seen by The Sun.
It comes as it is believed the chain will shut 23 shops this weekend after since the start of the year. Women’s clothing retailer Select entered into a company voluntary arrangement last year. This is where a business in distress has the opportunity to pay off debts to creditors over a fixed period of time while still continuing to trade.
The process was overseen by restructuring specialist firm Moorfields. Moorfields has now been tasked with overseeing a liquidation process, which means a business is wound up if it cannot repay its debts, reported.
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Select Fashion is reportedly closing 23 more stores (Image: Getty)
The list of 23 , according to the publication, are as follows:
Ashington
South Shields
Peterlee
Hartlepool
Middlesbrough
Preston
Accrington
Scarborough
Hull Hessle
Hull St Stephens
Birkenhead
Runcorn
Scunthorpe
Coalville
Bletchley
Merthyr Tydfil
Port Talbot
Newport
Cowley
Hemel Hempstead
Bristol Broadwalk Shopping Centre
Bristol Broadmead
Eastleigh
These branches have already closed:
Thornby
Ashton-under-Lyne
Crewe
Worksop
Wolverhampton
Kidderminster
Wellingborough
Chippenham
Hatfield
Witham
Southampton
Torquay
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Select Fashion follows on the heels of Carpetright’s closure, although that chain was bought out (Image: Getty)
Select Fashion has been approached for comment. Moorfields was not immediately available to comment. Select fell into administration in 2019, before being rescued by Genus UK. It is now owned by Turkish businessman Cafer Mahiroglu.
The company reported a pre-tax loss of £1.1million for the year to the end of February 2023, according to its most recently-filed accounts. It previously signalled that it was being squeezed by the cost-of-living crisis, wage pressures and higher taxes on top of a tougher economic climate.
Select’s troubles follow several collapses and closures on the high street in recent months.
Rival fashion chain Quiz shut 23 stores last month after falling into administration, with the retailer also citing the higher squeezing spending among its customers. High-profile administrations last year included Homebase, Carpetright and The Body Shop. All three were bought out of administration, but thousands of jobs were lost across the businesses.