Nearing complete liquidation of its operations, Select Fashion plans to shut down 35 stores across the UK. The company has reportedly engaged consultants to oversee its liquidation process.
The retailer had already shut down stores across 35 locations by March 14, continuing a process that began earlier in the year. The company’s liquidation process is being managed by restructuring specialist Moorfields as per a voluntary arrangement signed last year.
The impending financial collapse of the company is likely to leave employees without severance pay. This situation follows Select Fashion's previous administration collapse in 2019, from which it was rescued by Genus UK.
Currently owned by Cafer Mahiroglu, Founder and CEO, Select Fashion reported a pre-tax loss of $1.43 million for the year ending February 2023 in its latest financial year results.
Select Fashion joins a growing list of retail failures in recent years, including Quiz, which entered administration last month. That move resulted in the loss of approximately 200 jobs and the closure of 23 locations.
