Search

Fashion chain Select will not close stores despite restructure

PUBLISHED: 14:30 13 April 2018 | UPDATED: 10:00 14 April 2018

Fashion chain Select will not axe jobs or stores as part of restructure. Picture: Dominic Lipinski/PA Wire

Fashion chain Select will not axe jobs or stores as part of restructure. Picture: Dominic Lipinski/PA Wire

High-street retailer Select will not close stores after creditors agreed to a restructuring plan which will save 2,000 jobs across the UK.

The women’s fashion chain, which has shops in Norwich, King’s Lynn, Fakenham, Thetford and Great Yarmouth, secured the required backing in a vote on Friday to continue operating with reduced rents, which it said saved 2,000 jobs.

The proposals, known as a company voluntary arrangement (CVA) were drawn up by Select’s directors alongside advisers from Quantuma and affect its 183 stores across the UK.

REPORT: Call to support the high street in challenging times

READ: Fashion chain Select considers restructure

MORE: Why are restaurants struggling?

Andrew Andronikou, partner at Quantuma, said: “The proposal primarily seeks to obtain the approval from a number of the company’s landlords to accept a reduction in rent for some stores with an option to take back loss-making sites, which appears to reflect the current prevailing issues for businesses trading on the high streets.

“The company is committed to protecting employment and following the acceptance of the proposal, will seek to continue to operate all of its UK sites.

“In doing so, this should provide stability to landlords and staff with further costs savings to be achieved via economies of scale and a controlled review of operational costs and structures to be conducted outside of the CVA proposal.”

The move follows similar CVAs by retailers including New Look, Prezzo and Jamie’s Italian as well as the collapse of Maplin and Toys R Us.

Other News

19:51

Firefighters were called after arcing electrical cables sparked a blaze in a building in Great Yarmouth.

14:57

Another drink-driver has been arrested in Norfolk overnight as police continue their winter drink and drug driving campaign.

13:42

Traffic came to a standstill on Acle Straight, off the A47 after an abnormal load was transported through Great Yarmouth today.

09:48

After a soggy start to the weekend retailers are hoping shoppers will venture out in greater numbers today after a slump in footfall on Saturday.

Most Read

Fri, 16:01

Parents at a Norfolk academy have described their anger after finding out that if their children had missed a day at school they would not be able to take part in a non-uniform day.

Read more
Fri, 10:12

Ambulances have been head butted, kicked, and had blue lights ripped off in shocking acts of vandalism on the emergency vehicles - sometimes while crews have been trying to treat patients.

Read more
NHS
Thu, 09:34

A 46-year-old shop assistant was racially abused by a customer in Great Yarmouth.

Read more

Plans for a former pub to be turned into a luxury tobacconist have been put under fire by a nearby health centre, with bosses arguing it would “give out entirely the wrong message”.

Read more
NHS
Fri, 12:19

The East of England has been told to brace itself for a cold weekend after a yellow weather warning for ice and snow was issued by the Met Office.

Read more
Met Office

Local Weather

Sunshine and Showers

Sunshine and Showers

max temp: 7°C

min temp: 4°C

Hot Jobs

Show Job Lists

Digital Edition

cover

Enjoy the Great
Yarmouth Mercury

e-edition today

Subscribe

Newsletter Sign Up

Great Yarmouth Mercury weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy