Select is on the brink of collapse after filing a notice of intention to appoint administrators, Retail Week has learned.
Genus UK Ltd, which trades under the Select name, filed the intention in the High Court on Wednesday, according to documents seen by Retail Week.
Quantuma LLP has been lined up to handle the administration process, which would leave the future of Select’s 180 stores and 2,000 workers hanging in the balance.
It comes less than a year after Select’s creditors voted through a CVA designed to slash rents and preserve the future of the struggling fashion business.
Quantuma, which also handled the CVA, said at the time that Select’s troubles “reflect the current prevailing issues for businesses trading on the high streets”.
It also said at the time that the CVA would “provide stability to landlords and staff” and “further cost savings” would be achieved through a separate “review of operational costs”.
However, those steps have failed to revive its fortunes. Sources told Retail Week that Select suffered “horrendous” trading during the crucial Christmas trading period.
If Select does collapse, it would not be the first time it has fallen into administration.
The retailer called in turnaround and recovery specialist UHY Hacker Young in February 2008.
Turkish entrepreneur Cafer Mahiroglu bought it out of administration and has owned it since.