Select Retail in administration

Watford-based retail store, Select, has gone into administration. However, half of the 250 stores have already been sold to a management buy-out team.

UHY Hacker Young has been appointed as administrators and said the sale secured the full-time employment of roughly 1,000 employees.

UHY Hacker Young said that the remaining Select stores will stay open in an attempt to find a buyer. It is believed a number of potential suitors have already expressed an interest.

The Women’s fashion chain said they are the latest victim of the downturn in the retail sector.

The majority of its outlets are situated in less fashionable local high streets and suburban shopping centres.

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