A fashion chain with almost 20 shops in the North has fallen into administration.
Select, a value chain that mostly targets the young female market, employs around 1,800 people around the UK and has annual turnover of £77m.
In the North East it has stores at Ashington, Cramlington, Killingworth, Whitley Bay, Wallsend, South Shields, Gateshead, Washington, Sunderland, Consett, Seaham, Peterlee, Hartlepool, Bishop Auckland, Newton Aycliffe, Billingham, Middlesbrough and Darlington.
The firm entered a CVA agreement last year which allowed it to cut rents, but it has fallen victim to the continuing crisis on the UK High Street and London firm Quantuma has been appointed as administrators.
No jobs have been lost as yet but the administrators said they are assessing options for the future of the company.
Joint administrator Andrew Andronikou said: “Due to ongoing financial difficulties, I can confirm that Brian Burke, Carl Jackson and I have been appointed joint administrators of Genus UK T/A 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 as a going concern, 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.”
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