Latest news with #EssenceFashionLimited
Daily Record
10-05-2025
- Business
- Daily Record
High street chain Select shuts another store after closing 35 earlier this year
The reason for the closure of the site has not been confirmed A well-known high street fashion retailer, Select, has announced the closure of its Grantham store, set to shut its doors for the final time on May 10. The budget fashion chain broke the news to customers via a heartfelt message on the branch's Facebook page, stating: "It is with a heavy heart that we tell all our lovely customers that our store will be closing. "As far as we are aware our last trading day is May 10. I just want to take a minute to say thank you for all your support over the years." The announcement has sparked disappointment among locals, with one commenting: "We will soon have no clothing stores left in Grantham." Earlier in the year, Select had to close 35 of its 83 UK outlets, affecting around 40 employees. Following this, the company entered liquidation in April. Subsequently, Essence Fashion Limited took over the brand and 48 stores, including the Grantham location, reports the Mirror. Essence Fashion Limited was granted the rights to run the business under the Select Fashion name for six months, with an option to buy the company's assets later on. While the specific reason behind the Grantham store's closure remains unconfirmed, it's essential to recognise that store closures can happen for various reasons and do not necessarily indicate a company is struggling. Some outlets close when their tenancy expires or if they're not as profitable as other branches. Essence Fashion Limited has yet to provide an update on Select since its acquisition last month. Select Fashion, known for its women's clothing, accessories, and footwear, made its debut on the UK fashion scene in the 1980s. The brand faced administration in 2019, citing "tough" high street conditions, which threatened 1,800 jobs and 169 stores. It was subsequently rescued by Genus UK Limited, which also entered administration in 2022. Turkish businessman Cafer Mahiroglu later took ownership of the chain. By 2024, Select operated approximately 100 stores across the country but encountered financial difficulties in the summer, leading to a Company Voluntary Arrangement (CVA). A CVA is a mechanism that allows a company to settle its debts over time while continuing to operate, often involving negotiations for lower rent with landlords. Join the Daily Record WhatsApp community!
Daily Mirror
10-05-2025
- Business
- Daily Mirror
High street fashion chain shuts another store after closing 35 earlier this year
The announcement of the move came in the form of a post on the branch's Facebook page. The post read: "It is with a heavy heart that we tell all our lovely customers that our store will be closing" A popular high street fashion chain is closing another one of its stores for good today. The budget fashion retailer Select announced that its branch in Grantham would be closing on May 10. The announcement of the move came in the form of a post on the branch's Facebook page. The post read: "It is with a heavy heart that we tell all our lovely customers that our store will be closing. "As far as we are aware our last trading day is May 10. I just want to take a minute to say thank you for all your support over the years." Locals took to the comments to share their frustration, with one saying: "We will soon have no clothing stores left in Grantham." Earlier this year, Select closed 35 of its 83 UK stores, which impacted 40 staff members. The retailer then went into liquidation in April and the chain's brand and 48 stores - including the Grantham site - were then taken over by Essence Fashion Limited. The agreement gave Essence Fashion Limited permission to operate and manage the business under the Select Fashion name for a period of six months, with an option to acquire the company's assets. The reason for the closure of the site has not been confirmed. However, it is important to note that retailers close stores for a variety of reasons, and it doesn't just mean they are in trouble. Some close because the tenancy has come to an end on the site, or because the branch is not as profitable as others. Essence Fashion Limited has not issued an update on Select since taking over last month. Select Fashion - which sells a range of women's clothing, accessories, and footwear - first emerged on the British fashion scene in the 1980s. Join Money Saving Club's specialist topics Select fell into administration back in 2019 blaming "tough" conditions on the high street. At the time, this put 1,800 jobs and 169 stores at risk. It was later bought out of administration by Genus UK Limited, who also fell into administration in 2022. The fashion chain was then subsequently owned by Turkish businessman Cafer Mahiroglu. In 2024, it operated around 100 stores nationwide, however in the summer the chain entered into a Company Voluntary Arrangement (CVA). A CVA allows a business to pay off its debts over a fixed period of time while still trading. It's a common way to help struggling businesses and often it involves things such as negotiating rental costs with store landlords.
