Select Fashion on verge of collapse with 35 stores to close
Select Fashion is reportedly nearing collapse, with 35 stores forecast to shut throughout the UK.
Select Fashion is reportedly nearing collapse, with 35 stores forecast to shut throughout the UK.
The brand has brought in advisors to handle a liquidation process, according to reports viewed by The Sun.
It is believed that Select Fashion axed 35 sites by 14 March, having slashed stores since the beginning of the year.
Although the clothing brand went into a company voluntary agreement last year with Moorfields, the restructuring specialist is now responsible for liquidating the firm.
Staff members may not receive redundancy pay as a result of its financial collapse, reported The Sun.
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The latest news comes after Select Fashion fell into administration back in 2019, before being saved by Genus UK.
The retailer is currently owned by its founder and CEO Cafer Mahiroglu. It pulled in a pre-tax loss of £1.1m for the year to the end of February 2023 in its most recently filed results.
The company joins a host of additional retailer collapses in recent times, with Quiz entering into administration last month.
The move resulted in the rival clothing brand closing 23 shops as well as the loss of approximately 200 jobs.
Additionally, Homebase fell into administration in November, before being partly snapped up by CDS Superstores owner Chris Dawson.
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