Proposals for the Company Voluntary Arrangement (CVA) for high street fashion chain Genus UK Ltd, trading as Select, have been approved by 87 per cent of its creditors at a meeting in Central London this morning.
The company previously fell into administration on 9 May 2019. Following this, joint administrators, Andrew Andronikou, Brian Burke and Carl Jackson of business advisory firm Quantuma, filed CVA proposals in the High Court of Justice on 24 May 2019.
The company trades as a value ladies’ fashion retailer, targeting 18 to 35-year olds with up to 4,000 fashion products. The approval secures the current employment of Select’s 1,800 staff and preserves the operation of its 169 stores, centralised head office and warehouse facilities.
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.
