With 35 stores expected to close throughout the UK, Select Fashion is reportedly on the verge of going out of business. Reports seen by The Sun indicate that the company has hired consultants to manage a liquidation process.
Select Fashion is thought to have cut 35 locations by 14th March, after slashing stores since the year started. Despite entering into a voluntary arrangement with Moorfields last year, the restructuring specialist is now in charge of the company’s liquidation.
Its financial collapse may prevent employees from receiving severance pay, The Sun reports. It follows Select Fashion’s administration collapse in 2019 and subsequent rescue by Genus UK.
Cafer Mahiroglu, the company’s founder and CEO, presently owns the retailer. The announcement comes after Select Fashion’s most recent reported results showed a pre-tax loss of US $ 1.43 million for the year ending in February 2023.
With Quiz going into administration last month, the company joins a long list of other store catastrophes in recent years. About 200 jobs were lost as a result of the move, and the competing clothing brand had to close 23 locations.
