Select has secured approval for its second CVA in just over 12 months as 87% of creditors backed its latest proposal.
The fashion retailer, which operates 169 stores and has 1,800 employees, is not planning any immediate store closures or redundancies under its restructuring plans.
The retailer’s CVA follows the business falling into administration in May, with Andrew Andronikou, Brian Burke and Carl Jackson of business advisory firm Quantuma being appointed administrators.
This marks Select’s second CVA in just over a year. The fashion retailer entered into a CVA last April, which allow it to cut rents by as much as 75% and saved nearly 2,000 jobs.
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