Select has confirmed it will launch a CVA at some point this week after falling into administration earlier this month.
Andrew Andronikou, Brian Burke and Carl Jackson of insolvency advisory firm Quantuma were announced as joint administrators of the stricken women’s fashion retailer last week.
In a statement given to Drapers, Andronikou said: “The CVA is most probably going to be launched at the end of this week or early next week, we are still working on the shape of the CVA.
“I would like to discuss the proposals with the British Property Federation to garner their views before finalising the proposals and making them public.”
Select’s owner, Cafer Mahiroglu, also said that a successful CVA would allow the retailer to continue trading without any shop closures or redundancies.
The CVA proposal comes less than a year after Select last went through the insolvency process in a bid to slash rents across its store portfolio.
The latest attempt at restructuring comes after the retailer endured what sources described as “horrendous” sales during the crucial Christmas trading period.
Select employs around 1,800 staff and operates from 169 stores in the UK. No redundancies have yet been made as a result of it entering administration.