Future of fashion chain with store in Yate is in doubt
THE future of a fashion chain with a store in Yate Shopping Centre is in doubt after it went into administration.
Select has a store in the centre’s South Walk, one of 169 across the country selling clothes aimed at women aged 18 to 45.
The company, which employs 1,800 people, announced today that it had gone into adminstration, citing “prevailing high street conditions” for the decision.
The administrators, Quantuma, will now try to find a buyer for the business and says there have already been expressions of interest.
All stores are due to stay open while Quantuma “assesses all options” for the company’s future.
Last year the company struck a deal called a company voluntary arrangement to cut the rents it paid on its stores.
But this failed to keep Select, which was bought out of administration in 2008 by current owner Cafer Mahiroğlu, out of financial trouble.
Joint administrator Andrew Andronikou of 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, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business."