Select Fashion, a womenswear chain, is reportedly on the brink of liquidation after shutting down 35 stores. The company has been quietly reducing its retail footprint since the start of the year. 23 more locations are set to close by this weekend amidst the financial crisis in the UK’s retail stores.

Restructuring specialists at Moorfields have been appointed to oversee the liquidation process. Select previously entered a company voluntary arrangement (CVA) last year, allowing it to continue trading while repaying creditors. However, mounting financial pressures, including pre-tax losses of £1.1 million in the year ending February 2023, have pushed the company toward collapse.

Economic challenges, including the rising cost of living, wage pressures, and higher taxes, have further strained Select’s finances. The chain’s struggles mirror broader difficulties in the retail sector, with recent high-profile administrations including Quiz, Homebase, Carpetright, and The Body Shop.

Select, owned by Turkish businessman Cafer Mahiroglu, previously fell into administration in 2019 before being rescued by Genus UK. The latest closures signal a deepening crisis for the retailer, which has struggled to compete amid shifting consumer spending habits and economic uncertainty.

Stores in locations such as South Shields, Middlesbrough, Preston, Hull, and Bristol will shut their doors this weekend, while branches in cities including Wolverhampton, Southampton, and Torquay have already closed.

Cuts to business rate relief and rising employer costs continue to place retailers under pressure. This speaks to the decline of physical stores across the UK. There are already warning signs that point towards the disappearance of retail staples without proper intervention. To find out more about how to capitalise on this distress, visit Administration List today.