Embattled retailer Select has officially entered administration, placing 1,800 jobs at risk.
Business advisory firm Quantuma has been appointed as administrators of Genus UK Ltd, trading as Select.
Select, which operates from 169 stores across the UK, was muted to fall into administration earlier this week and has now confirmed that Andrew Andronikou, Brian Burke and Carl Jackson of Quantuma were appointed on 9 May.
The company trades as a value ladies’ fashion retailer, targeting 18-35-year-olds and has an annual turnover of £77m.
Quantuma said that “prevailing high street conditions” have meant that the fashion retailer has been unable to “sufficiently deliver” on a turnaround plan it had embarked upon. 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.”