Another Retailer Bites the Dust

  • Select Fashion on the verge of collapse with 35 stores to close
  • Liquidation process underway by Moorfields
  • Founder and CEO Cafer Mahiroglu owns the company
  • Pre-tax loss of £1.1m in recent financial results
  • Follows Quiz and Homebase collapses in retail sector

Select Fashion is reportedly nearing collapse, with 35 stores set to shut down across the UK. The clothing brand has brought in advisors from Moorfields, a restructuring specialist, to handle the liquidation process, according to reports viewed by The Sun. This comes after Select Fashion had already axed 35 sites since the beginning of the year and collapsed into administration in 2019 before being saved by Genus UK. The retailer is currently owned by its founder and CEO Cafer Mahiroglu. The company reported a pre-tax loss of £1.1m for the year ending February 2023 in its most recent financial results. Select Fashion joins a growing list of retailers facing collapse, including Quiz and Homebase, which entered administration last month and November respectively.

Factuality Level: 7
Factuality Justification: The article provides accurate and objective information about Select Fashion’s financial situation and its potential collapse, as well as mentioning other retailers facing similar challenges. However, it contains some repetitive information and includes a brief mention of unrelated news about Asda chair Allan Leighton.
Noise Level: 7
Noise Justification: The article provides some relevant information about Select Fashion’s financial situation and its potential collapse, but it also includes irrelevant details such as mentioning other retailers that have collapsed or unrelated news about Asda’s chair. The overall noise level is moderate due to the inclusion of extraneous information.
Financial Relevance: Yes
Financial Markets Impacted: Yes
Financial Rating Justification: The article discusses Select Fashion’s financial collapse and its impact on the retail industry, mentioning pre-tax losses and store closures which affect the company’s financial situation and potentially impact employees. It also mentions other retailers like Quiz and Homebase facing similar challenges, which may have an effect on the overall market.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text and it does not meet the criteria for being within the last 48 hours.

Reported publicly: www.retailgazette.co.uk