Select administrators launch CVA

Select Birmingham

Select has filed proposals for a CVA in order to slash rents, after it fell into administration earlier this month.

Quantuma, the administrator of the embattled fashion brand, said a meeting has been arranged for June 11 when the business’ creditors will vote on the company’s future.

The CVA proposal does not suggest the immediate closure of any of the embattled fashion chain’s 169 UK stores or making any redundancies to its 1,800 employees.

Quantuma partner Andrew Andronikou said: “As joint administrators, we have arrived at the view that a CVA offers the best outcome for creditors as a whole. The proposal does not outline the immediate closure of any of the company’s stores, and any immediate redundancies, however some may occur even if the proposal is approved.”

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