Select co-founder and managing director Nigel Fisher has resigned, a month after the business was bailed out by Turkish investors and 25 years after he set up the chain.
His departure comes just four weeks after Select finalised an emergency funding package worth £13 million with Cafer Mahiroglu, who also owns a supply business in Turkey. It also follows the exit of directors Stephen Sugarman and John Sunderland, who left the business when Cafer Mahiroglu took control at the end of January.
In 2004, Fisher joined forces with Sugarman, owner of high street supplier Finesse, to buy out Pontin. Fisher set about repositioning the business away from purely value towards a fast fashion model. However, the retailer ran into difficulties last year amid the slump in consumer spending and problems with merchandising and distribution.
Mahiroglu was unavailable for comment as Drapers went to press. He is expected to use his supply expertise to run Select as a vertical operator to realise margin gains.