Value fashion chain Select has gone into administration after poor trading in the first quarter of this year.
Turnaround and recovery specialist UHY Hacker Young is understood to have sold about half of the retailer’s stores back to management and secured 1,000 full-time jobs.
There are understood to be a number of third-party suitors interested in the remaining stores.
In a statement, UHY Hacker Young said: “The administrators have made a commitment to continue to trade the remaining retail units in the short term in an effort to procure a purchaser of the residual business and thus safeguard the interests of the remaining employees and suppliers of the company.”
In January, Select secured a£13 million emergency funding package from Turkish investor Cafer Mahiroglu.
Co-founder and managing director Nigel Fisher resigned a month later.