Creditors of high street fashion retailer Genus UK Ltd, trading as Select, have approved its company voluntary arrangement (CVA) proposals.
In a statement, Select administrator Quantuma said the vote was secured with 87% creditor approval at a meeting in Central London earlier this week.
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Select, which operates 169 stores across the UK and trades as a value fashion retailer, targeting 18-35-year-olds with up to 4,000 fashion products, fell into administration last month. A little over two weeks later, Quantuma filed proposals for a CVA to rescue the company.
Quantuma says the creditor approval secures the current employment of Select’s 1,800 staff and the operation of its 169 stores, centralised head office, and warehouse facilities.
“The approval of the joint administrator’s proposals gives the best outcome for creditors as a whole. This will mean no immediate closures of the company’s stores, and no immediate redundancies,” 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. As widely reported, there are many challenges in the UK retail sector, a factor which has adversely affected the high street. 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.”
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