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Select prepares for administration

Fashion chain Select is on the brink of appointing administrators, putting 2,000 jobs at risk.

Select filed a notice of intention to appoint administrators at the High Court on Wednesday, Retail Week has reported. 

The notice prohibits creditors from calling in debts for 10 working days as management prepares for an administration. Advisory firm Quantuma will reportedly handle the administration. 

The chain, owned by Turkish entrepreneur Cafer Mahiroğlu, resorted to a company voluntary arrangement (CVA) last April. The CVA enabled it to cut its rents by up to 75% and saved nearly 2,000 jobs. 

Mahiroğlu bought the company out of administration in 2008. 

Quantuma and Select have been contacted for comment. 

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