Select’s proposal for a company voluntary agreement was approved on Monday by 87% of its creditors.
This marks the second time that the retailer has filed for this type of insolvency.
Joint administrators, Andrew Andronikou, Brian Burke and Carl Jackson, from Quantuma, said the CVA secures the full retention of Select’s 1,800 staff and preserves the operation of its 169 stores.
Andrew Andronikou, joint administrator, said: “The approval of the joint administrator’s proposals gives the best outcome for creditors as a whole. This will mean no immediate closures of the company’s stores, and no immediate redundancies.
“This should provide a platform upon which the company can deliver changes to its operational costs and structures, allowing it to stabilise and move forward. As widely reported, there are many challenges in the UK retail sector, a factor which has adversely affected the high street. We are therefore pleased with the outcome of today’s meeting and the support displayed by creditors in their acceptance of the proposal, which has resulted in the rescue of the business.”