Latest news with #SelectFashion
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.
Miami Herald
02-04-2025
- Business
- Miami Herald
Another fashion retailer suddenly closing after bankruptcy
We all know what they say about the good times. They're awfully fun, but they aren't meant to last. Related: Iconic ice cream chain unexpectedly closing locations Such is the case for so many fast fashion retailers, who have struggled to maintain their stronghold on the global economy in recent years. Of course, this wasn't always the case. Being a fast fashion retailer, particularly in a mall or on a high street, was an easy way to dominate sales a decade or two ago. Take Forever 21, for example. The mall-based fast fashion retailer had brick and mortar stores everywhere that mattered, from nearly every indoor shopping mall in the U.S. to a massive glimmering store in Times Square in New York City. But as online competitors like Shein rose to prominence, it no longer became fashionable to go into a Forever 21 store and pick through the racks for hours looking for your size -- and a good deal. The mall retailer filed for Chapter 11 bankruptcy for a second time in March 2025 and is in the process of closing all of its roughly 350 stores across the U.S. It will, however, try to continue to maintain an online operation. NurPhoto/Getty Images This isn't a specific case for Forever 21. Plenty of other fast fashion retailers have fallen out of favor as customers opt for the e-commerce shopping experience. And it makes sense why. More closings: Another struggling mall retail chain closing more storesStruggling supermarket chain closes more locationsPopular bank closing dozens of branches (locations revealed) Many fast fashion retailers carry a lot of inventory, and online shopping makes it much easier to filter for your size, preferred style, colors, or other preferences using online tools than sifting through often disorganized clothing racks and bins in stores. Plus, many fast fashion companies are notoriously unsustainable. Some have been accused of using high levels of harmful chemicals in their clothing or promoting unsafe or inhumane labor practices to churn out their inventory quickly and cheaply. And as an increasingly concerned Gen Z and other young generations pay attention to sustainability, these shops are falling out of favor. And now, Select Fashion, a U.K.-based clothing store primarily aimed at women, is closing up shop. Select Fashion has been met with financial struggles in recent years; it incurred a £1.1 million loss in fiscal year ending February 2023. It chalked up its difficulties to a soaring cost of living in the U.K., inflation and rising prices, and taxes. While the chain has not initiated a legal bankruptcy, it has run out of money and will begin winding down stores. Insolvency firm Moorfields is helping Select Fashion liquidate and close about 35 stores across the U.K. Related: Struggling retailer closing more stores after shuttering 1,000 "Please be assured that your wages will be processed and paid out next week," Select Fashion reportedly emailed its affected employees. "We are doing everything we can to resolve this matter as swiftly as possible and appreciate your understanding during this difficult time." At its height, Select Fashion operated over 100 stores. About 48 stores are expected to remain open and operate under a new partnership with Essence Fashion Limited. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
The Independent
01-04-2025
- Business
- The Independent
Select Fashion ‘collapses, leaving staff without pay'
Retailer Select Fashion has reportedly collapsed after closing 35 stores last month and left staff without redundancy pay or owed wages. It is understood that insolvency firm Moorfields has launched a wind down of the womenswear chain after a creditors' meeting was held last Friday to approve a voluntary liquidation. The group had already shut 35 shops in mid-March having quietly trimmed down its estate since the start of the year. Workers at the shops that shut have been told that they will not be paid outstanding wages for hours worked before the closures and many have been advised to apply for redundancy pay from the Government, according to The Sun. Employees at the remaining 48 shops have also reportedly been warned their wage payments will be delayed. In an email seen by The Sun, Select Fashion is reported to have told employees: 'Please be assured that your wages will be processed and paid out next week. 'We are doing everything we can to resolve this matter as swiftly as possible and appreciate your understanding during this difficult time.' Select Fashion could not be reached for comment and Moorfields was not immediately available to comment. Select had already entered into a company voluntary arrangement last year – whereby a business in distress has the opportunity to pay off debts to creditors over a fixed period of time, while still continuing to trade. The process was also overseen by Moorfields. Select fell into administration in 2019, before being rescued by Genus UK. It is now owned by Turkish businessman Cafer Mahiroglu. 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. It previously flagged it was being squeezed by the cost-of-living crisis, wage pressure and higher taxes, on top of a tougher economic climate. Select's troubles follow several collapses and closures on the high street in recent months. Rival fashion chain Quiz shut 23 stores in February after falling into administration, with the retailer also citing the higher cost of living squeezing spending among its customers.
Yahoo
27-03-2025
- Business
- Yahoo
MP says town needs to be "ambitious to turn things around" after shop shuts
Accrington's MP has said 'we need an ambitious vision to turn things around' following the closure of another high street brand in the town centre. Retailer Select Fashion has closed 35 shops across the UK since the beginning of the month, with the Accrington branch amongst those to be shut earlier this month. The group has drafted in advisors to oversee the liquidation process, having quietly trimmed down its estate since the start of last year. The loss of the Accrington branch marks another town centre business that has closed, following WHSmiths and Boots shutting down over the last 12 months. MP for Hyndburn, Sarah Smith, said: 'It's really disappointing to hear that Select Fashion in Accrington is closing. "It's a shop I've used myself, and this is bad news for our town centre. Sarah Smith is Labour MP for Hyndburn (Image: Parliament) 'Accrington was once a vibrant and thriving place, and we clearly need an ambitious vision to turn things around. "Other towns have managed to recover their local economies, and there's no reason we can't do the same.' Earlier this month, the town was earmarked for £20 million in funding under the plans for neighbourhoods' scheme, which is aimed at boosting communities and creating new opportunities. It aims to ensure residents are in control of funding, which can be used to revitalise high streets, improve parks and youth clubs and support cultural venues. Mrs Smith added: "There are already some exciting plans in motion, like the £20m we've secured for the town centre, money local people will have a say in how to invest. 'I'm working hard every single day to make Accrington a place people want to visit, shop in, and spend their money. 'We need to fight for our high street, and I'll keep pushing to make sure we do." READ MORE: Small businesses could get a retail unit for £1 in new government plan READ MORE: Once-bustling shopping centre now in "dreadful" state with weeds and leaky roof Select fell into administration in 2019 before being rescued by Genus UK. It is now owned by Turkish businessman Cafer Mahiroglu. 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. It previously flagged it was being squeezed by the cost-of-living crisis, wage pressure, and higher taxes, on top of a tougher economic climate.
