Quantuma Appointed as Administrators Amid High Street Struggles
- Select enters administration
- 1,800 jobs at risk
- Quantuma appointed as administrators
- Annual turnover of £77m
- High street conditions impacting business
- No redundancies yet
- Options for future operations being assessed
Embattled UK fashion retailer Select has officially entered administration, putting 1,800 jobs at risk. Business advisory firm Quantuma has been appointed as administrators of Genus UK Ltd, which trades as Select. The company operates from 169 stores across the UK and targets 18-35-year-olds with its value ladies’ fashion offerings. Quantuma cited ‘prevailing high street conditions’ as a reason for the retailer’s inability to deliver on a turnaround plan. Joint administrators Andrew Andronikou, Brian Burke, and Carl Jackson are assessing options for the business, including selling it as a going concern or considering CVA proposals from directors. No redundancies have been made yet.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Select’s administration, the appointment of administrators, and the steps being taken to ensure the future operations of the business. It also mentions the annual turnover and target demographic of the company. However, it lacks some details on the specific financial difficulties faced by the company.
Noise Level: 3
Noise Justification: The article provides relevant information about Select’s administration and the appointment of administrators, but lacks in-depth analysis or exploration of long-term trends or possibilities. It does not hold powerful people accountable or explore consequences on those bearing risks. The article could benefit from more evidence or data to support its claims.
Financial Relevance: Yes
Financial Markets Impacted: Select’s administration affects its employees, suppliers, and potentially other retailers in the fashion industry
Financial Rating Justification: The article discusses Select’s entry into administration, which impacts its financial situation and operations. This has implications for its employees, suppliers, and could also affect competitors in the fashion retail industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text.
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