Select fashion chain goes into administration
The fashion chain has stores across the Black Country.
High street fashion chain Select has plunged into administration putting 1,800 jobs at risk.
It has shops in Hagley Mall, Halesowen; Bradford Mall, Walsall; New Square Shopping Centre, West Bromwich and Dudley Street, Wolverhampton.
A Black Country business expert has said he fears the local High Street is 'folding in on itself'.
The appointment of administrators Quantuma comes almost a year after the retailer Select resorted to a company voluntary arrangement to slash its rent bill.
Select operates from 169 shops across the UK and is owned by Turkish entrepreneur Cafer Mahiroglu, who bought the business out of administration in 2008.
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."
Select trades as a value ladies' fashion retailer, targeting 18 to 35-year-olds, and has an annual turnover of £77 million.
"High street conditions" have impacted the outlet's attempts to deliver on the turnaround plan it started with the CVA last year, after posting a £15.5 million loss for the 18 months to December 2017.
No redundancies have been made as a result of the administration, while options for the future of the business, including a possible sale, are currently being assessed.
Chief executive of the Black Country Chamber of Commerce Corin Crane said it was 'really sad news'.
Mr Crane said: "It just feels as though the High Street is folding in on itself at the moment. There really are less people shopping in the High Street and we need to do something drastic about it.
"The saddest thing is those people losing their jobs. And with their retail skills it will be hard for them to get back into the job market, with things looking like the way they are at the moment.
"There are long term implications too. There will be empty units on the street, and we'll be losing the business rates coming in to local authorities – which they desperately need to invest back into the city centres.
"Looking ahead, we want our towns in the Black Country to be as vibrant as possible. But as much as we invest in one part it feels like it's slipping out of our hands in another."
