Struggling retailer Select Fashion is set to shut 23 shops across the country this weekend.
The chain is on the verge of collapse and has called in advisors to oversee its liquidation, according to documents seen by The Sun.
The firm has been quietly closing stores since the beginning of the year, but this appears to be the biggest chunk in one weekend.
Select entered into a company voluntary arrangement last year. This is where a struggling business pays off debts to creditors over a fixed period of time while still continuing to trade.
The process was overseen by restructuring specialist firm Moorfields, who are now overseeing the liquidation.
The Select set to close this weekend are in:
South Shields
Peterlee
Hartlepool
Middlesbrough
Preston
Accrington
Scarborough
Hull Hessle
Hull St Stephens
Birkenhead
Runcorn
Scunthorpe
Coalville
Bletchley
Merthyr Tydfil
Port Talbot
Newport
Cowley
Hemel Hempstead
Bristol Broadwalk Shopping Centre
Bristol Broadmead
Eastleigh
These branches have already closed:
Thornby
Ashton-under-Lyne
Crewe
Worksop
Wolverhampton
Kidderminster
Wellingborough
Chippenham
Hatfield
Witham
Southampton
Torquay
Select, which focuses on womenswear, is one of several high street chains either trimming down the size of their business or shutting all together due to falling profits.
Julie Fisher, the UK CEO at Simply Business, told Metro that current economic conditions are changing the face of the country’s high street.
‘There are all clear signs that our high streets, as we know them, are under threat, and will become unrecognisable without intervention.
‘Many high street staples could disappear – from newsagents to fishmongers, 132,945 small businesses are at risk of permanent closure within just 15 years.’
She added that the government budget is having an impact on our high street.
‘Cuts to business rates relief and increases to employers’ National Insurance contributions, alongside other tax changes, are leaving many on the brink,’ she said.
‘With falling footfall and rising costs, it’s not just big retailers suffering – independent businesses are bearing the brunt.
‘Small business owners must continue to demonstrate the adaptability, creativity, and resilience they’re known for.’
She urged the government to create conditions for small businesses to thrive.
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