Grantham store's future uncertain as Select goes into administration
Fashion retailer Select, which has a store in Grantham, has gone into administration.
The company said this morning it had called in administrators due to "ongoing financial difficulties". The Grantham store has traded for several years in the Isaac Newton shopping centre.
Genus UK Ltd, which trades as Select, has appointed business advisors Quantuma as administrators. It has 169 stores nationwide.
Select targets 18 to 35-year-olds with up to 4,000 fashion products, and has an annual turnover of £77m.
It employs 1,800 staff - none of which will be made redundant as a result of the move. It is hoped it will be sold as a going concern.
Andrew Andronikou, joint administrator at Quantuma, said: “We will continue to trade Select whilst we assess all options available to the business, with the aim of achieving the optimum outcome for all stakeholders.
"Options include a sale of the business as a going concern, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business.
"We will also be assessing CVA proposals which have been put forward by the directors.”
A CVA - a company voluntary arrangement - would see negotiations take place with creditors and landlords in order for it to continue trading.