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Women’s fashion store chain Select Retail has gone into administration, but half the 250 stores have already been sold to a management buy-out team.
According to the BBC, Administrators UHY Hacker Young said the sale secured the full-time employment of approximately 1,000 members of staff. UHY Hacker Young added that the remaining Select stores would stay open in an attempt to find a buyer.
A number of potential suitors have already expressed an interest.
Select blamed the move into administration on a “deteriorating trading performance” since the start of the year.
The company is based in Hertfordshire.