Administrators have launched a Company Voluntary Arrangement (CVA) to rescue women's fashion retailer Select, which trades from 169 stores.
It comes just weeks after the retailer plunged into administration, placing 1,800 jobs at risk.
The latest plans do not propose any immediate store closures or redundancies, however, partners at advisory firm Quantuma warned that some may occur even if the CVA is approved.
A meeting has now been convened for 11 June at which the company’s creditors will vote on the company’s future.
Andrew Andronikou, partner at Quantuma, said: "The business experienced a sharp downturn in fortunes at the end of 2018. Low levels of consumer confidence, together with Brexit uncertainty and volatile currency, have meant that sales remained subdued in early 2019. The inevitable result was a squeeze on cash flow.
"The turnaround plan embarked upon by the management delivered benefits but had not reached sufficient maturity to protect the business from this impact in the market. There remains the opportunity, with the support of its parent company, to bring these to fruition and in doing so return the business to a stable and profitable position.
"As joint administrators, we have arrived at the view that a CVA offers the best outcome for creditors as a whole. The proposal does not outline the immediate closure of any of the company’s stores, and any immediate redundancies, however some may occur even if the proposal is approved.
"If the proposal is not approved, it is anticipated that the company will remain in administration and, in the event a suitable offer is not received to acquire the business, we will have to consider ceasing its trading activities."
Select is owned by Turkish entrepreneur Cafer Mahiroglu, who took control of the business after it last entered administration in 2008.
Earlier this month, Quantuma said it was assessing “all options” for the chain.
Andrew Andronikou, joint administrator at Quantuma, said: “Due to ongoing financial difficulties, I can confirm that Brian Burke, Carl Jackson and I have been appointed joint administrators of Genus UK, trading as Select.
"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, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business.
"To support these efforts, a dataroom has been established and any further expressions of interest are invited. We will also be assessing CVA proposals which have been put forward by the directors."
