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Fashion retailer, Select has finally disappeared from the High Street
Back in 2018 the CVA saved 2000 jobs and resulted in rent cuts of up to 75 per cent and another one was proposed in 2019 but overturned. Since then the company has been slowly cutting stores back.
It is understood that insolvency firm Moorfields has been appointed liquidator following a creditors meeting last Friday.
The group had already shut 35 shops in mid-March having quietly trimmed down its estate since the start of the year.
The retailer is left with 48 shops and they have been sold to Essence Fashion Limited. These are expected to stay open but any people made redundant following the liquidation have been told to make a claim via the redundancy payments office.
If you are an employee of the business then you can claim redundancy through the government. Please see this page on help for employees
The company has reassured that those remaining employees will get their pay from last month but there may be some delay. This is according to reports that have seen a letter from the company. Once the company is in liquidation then it is controlled by the liquidator.
In essence this is what is called a pre pack liquidation and is quite rare. They may have chosen to do this outside administration to keep costs down.
The company reported a pre-tax loss of £1.1 million for the year to the end of February 2023, according to its most recently-filed accounts.