Owned by Turkish entrepreneur Cafer Mahiroglu, Select Fashion plans to close 35 stores in the UK by mid-March. This would downsize the affordable fashion brand’s UK presence by half.
The retailer had initially planned to shut down 12 stores in locations like Southshields, Peterlee, Thornaby, Hartlepool Scarborough Hull Hessle Hull St Stephens, Ashington and Scunthorpe. But, it now plans to close two more stores in Bristol.
Struggling since the last few years, Select Fashion entered administration in 2019 as the affordable fashion brand faced difficult trading conditions. The retail chain failed to revive in the following years and entered a Company Voluntary Arrangement (CVA) last summer to restructure its debts.
Besides Select Fashion, New Look, Caffe Nero, Body Shop, and Jigsaw are also entering into CVAs. Brands like Ted Baker are also being forced to shut down their physical stores due to the 0 per cent economic growth registered by UK and a drastic rise in cost of living in the country.
