Worthing jobs at risk as high street store goes into administration
Worthing jobs are at risk after a store in the town centre went into administration today.
Fashion retailer Select, which has a store in the Montague Quarter, has become the latest casualty of the high street. The chain has entered administration, putting 1,800 jobs at risk nationally.
No redundancies have been made as part of the administration announcement, and the chain will continue to trade in-store and online for the time being as administrators Quantuma assess all options available to the business.
The womenswear brand has 169 stores across the UK, including Eastbourne, and is owned by Turkish entrepreneur Cafer Mahiroglu, who took control of the business after it entered administration in 2008.
The company, which trades as a value ladies’ fashion retailer for 18-to-35-year-old women, called in corporate recovery firm Quantuma to advise on a Company Voluntary Arrangement (CVA) last year.
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 T/ASelect.
“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.”