Burnley fashion store falls into administration
The future of Burnley fashion retailer Select hangs in the balance after the chain went into administration.
Thousands of jobs are at risk after the retailer, which sells youthful styles for women, including sportswear and shoes and has 169 stores, including the one in the corner of Manchester Road in Burnley, fell into administration.
Select's administrators said stores would continue to trade while all options for the business were assessed.Andrew Andronikou, Brian Burke and Carl Jackson of advisory firm Quantuma, were appointed as joint administrators yesterday.
Quantuma said prevailing high street conditions Select was unable to sufficiently deliver on a turnaround plan it had embarked upon.
In a statement, 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.
“We will also be assessing CVA proposals that have been put forward by the directors.”
Select's administration is just the latest piece of bad news for Burnley's high street. The Burnley Express reported last month that Monsoon and Accessorize could be the latest stores to disappear from the high street after advisers were called in to speed up its closure process.