Select, the UK budget fashion retail chain has agreed a second Company Voluntary Arrangement (CVA) in a space of just over a year after 87% of creditors approved the new terms. The company originally filed for the first CVA back in April 2018, allowing it to renegotiate with its landlords in relation to the rents payable across its stores in England and Wales. However, revenues were below forecasts and the company entered Administration. The Administrators proposed the new CVA as an exit to the Administration.
The approval of the second CVA has secured the continued operation of Select’s 169 stores in the UK and the continued employment of its 1,800 staff members. Andrew Andronikou, Joint Administrator, said: “this should provide a platform upon which the company can deliver changes to its operational costs and structures, allowing it to stabilise and move forwards”.