The budget fashion retailer Select has announced that its Grantham branch will be closing for good today – but the reason for the move has not been confirmed
A major high street fashion shop is slamming the shutters for the last time today in another blow for the once popular store.
Budget fashion retailer Select shared the news that the Grantham branch will be closing today (Saturday 10 May). It comes as the chain has already closed 35 out of 83 of its stores this year, setting a worrying pattern for the brand and the rest of the high street.
Via a heartfelt Facebook post from the Grantham crew, they announced: “It is with a heavy heart that we tell all our lovely customers that our store will be closing.”
“As far as we are aware our last trading day is May 10. I just want to take a minute to say thank you for all your support over the years.”
Gutted locals aired their sadness in the comments, as one said: “We will soon have no clothing stores left in Grantham.”
Not only does this add another boarded up shop to the high-street, but it’s contributed to the already 40 redundancies at Select.
In April, Select went into liquidation before the brand and its 48 stores – including the Grantham site – were then taken over by Essence Fashion Limited, reports the Mirror.
This deal let Essence hold the fort under the Select brand for half a year, keeping their options open to buy out the company’s assets later on.
It is yet to be confirmed why the Grantham store closed. Although, it should be noted that retailers close stores for a variety of reasons – it doesn’t always indicate they are having financial issues.
Essence Fashion Limited has not provided an update about the future of Select since scooping it up just last month.
Select Fashion firs hit the UK high-street in 80s.
But by 2019, Select was in a tough position, clobbered by the “tough” high street and teetering on the brink; 1,800 livelihoods and 169 branches hung by a thread.
Genus UK Limited swooped in to save the day, pulling it from the brink of disaster, only to fall into administration themselves.
Turkish tycoon Cafer Mahiroglu would then take the reigns. Come 2024, Select operated around 100 stores nationwide but then entered into a Company Voluntary Arrangement (CVA) come summertime.
A CVA’s a lifeline thrown to help struggling businesses, it often includes negotiating rental costs with store landlords.
Select isn’t alone with its flurry of closures, with much of the high-street suffering from the same fate.
Source: Celebrities - dailystar.co.uk
