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Select, with stores in Gillingham, Chatham, Maidstone, Ashford and Westwood Cross goes into administration
11:13, 10 May 2019
updated: 12:09, 10 May 2019
Another major high street store - with outlets across Kent - has gone into administration.
Fashion retailer Select confirmed this morning it had called in administrators due to "ongoing financial difficulties".
It has 169 stores nationwide, including outlets in Gillingham, Chatham, Maidstone, Ashford and Broadstairs.
The blow to the high street comes just weeks after Debenhams confirmed it was shutting stores as part of a rescue deal. It confirmed Kent store closures earlier today.
Ashford and Deal also recently saw the closure of Marks & Spencer branches.
Genus UK Ltd, which trades as Select, has appointed business advisors Quantuma as administrators.
Select targeted 18-35-year-olds with up to 4,000 fashion products, and has an annual turnover of £77m.
It employs 1,800 staff - none of which will be made redundant as a result of the move. It is hoped it will be sold as a going concern.
Andrew Andronikou, joint administrator at Quantuma, said: “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 which have been put forward by the directors.”
A CVA - a company voluntary arrangement - would see negotiations take place with creditors and landlords in order for it to continue trading.
