Select is a UK based fast fashion retailer for women. Select is headed up by Turkish entrepreneur Cafer Mahiroğlu, who bought the business out of administration in 2008. Mahiroğlu’s family firm Özdemir Üç Tekstil owns the retailer along with factories across Turkey, Romania and Vietnam.
The fashion chain slid into administration after a sharp downturn in sales in 2018, with the company failing to hit sales targets for the period. In the four months to March 31, the clothing business reported a turnover of £21.4 million, and reported a loss of £1.3 million. Select has an annual turnover of £77 million, posted a £15.5 million loss for the 18 months to December 2017.
Recently creditors for the collapsed high street retailer claimed to be owed more than £53 million as part of the firm’s administration. Unsecured creditors, who include landlords and HMRC, have said they are owed £53.1 million from the firm after it became insolvent in May. Select negotiated major rent cuts with landlords last year through a company voluntary arrangement (CVA), but it was unable to sufficiently steady the company’s precarious financial situation. It secured a second rent cut through another CVA last month as part of the administration process.