Select’s CVA proposals approved by creditors
Select’s CVA proposals have been approved by 87% of its creditors at a meeting in London today.
The company entered administration in May. Later that month, Andrew Andronikou, Brian Burke and Carl Jackson of Quantuma filed CVA proposals in the High Court of Justice.
The approval means there will be no immediate stores closures or redundancies.
Andronikou 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. We are therefore pleased with the outcome of today’s meeting and the support displayed by creditors in their acceptance of the proposal, which has resulted in the rescue of the business.”
Select trades as a value women’s fashion retailer with up to 4,000 products. It currently employs 1,800 staff and has 169 stores, a head office and warehouse facilities.
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