Grantham fashion retailer Select can continue to trade after agreement reached
Fashion retailer Select, which has a store in Grantham's Isaac Newton Centre, will remain open after most of the company's creditors agreed it could continue to trade.
Proposals for the Company Voluntary Arrangement (CVA) for high street fashion chain Genus UK Ltd, which trades as Select, were approved by 87 per cent of its creditors at a meeting in Central London this morning.
The company went into administration on May 9. It trades as a value ladies’ fashion retailer, targeting 18 to 35-year olds, with up to 4,000 fashion products. Today's decision secures the employment of Select’s 1,800 staff and keeps its 169 stores, centralised head office and warehouse facilities open.
Andrew Andronikou, joint administrator, said: “The approval of the joint administrator’s proposals gives the best outcome for creditors as a whole. This will mean no immediate closures of the company’s stores, and no immediate redundancies.
“This should provide a platform upon which the company can deliver changes to its operational costs and structures, allowing it to stabilise and move forwards. As widely reported, there are many challenges in the UK retail sector, a factor which has adversely affected the high street. We are therefore pleased with the outcome of today’s meeting and the support displayed by creditors in their acceptance of the proposal, which has resulted in the rescue of the business.”