Select Retail in Administration
26th February, 2008
Select Retail, the national women’s fashion retailer, was placed into Administration on Friday 22nd February 2008, against a backdrop of its deteriorating trading performance in the first quarter of 2008.
Turnaround and Recovery specialists, UHY Hacker Young, moved quickly to evaluate the business and negotiate the sale of approximately half of the 250 retail units to a management buy-out team.
The sale secured full time employment of approximately 1,000 people.
The Administrators have made a commitment to continue to trade the remaining retail units in the short term in an effort to procure a purchaser of the residual business, and thus safeguard the interests of the remaining employees and suppliers of the company.
It is understood that a number of third party suitors have expressed an interest in these remaining units.
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