Cafer Mahiroğlu’s fashion retail chain Select is now officially in administration with the hunt on to find a new owner. If the administrators are unsuccessful in that search, it would mean the loss of 1,800 jobs.
Select is likely to enter administration this Thursday and propose another company voluntary agreement in a bid to save the business from collapse. 2,000 jobs are at risk and store closures could be on the cards.
One of Boohoo’s co-funders has explained the fashion e-tail giant’s reasoning for taking on a new CEO with no recent e-tail experience saying that the company needed a large-company leader as it becomes much bigger.
In addition to announcing a 48% surge in revenue for the year ended February, British e-tailer revealed on Wednesday that Brian Small is to join its board as an independent non-executive director with immediate effect.
Boohoo delivered a powerful set of final results on Wednesday to show just how much money can be made from selling affordable fast-fashion online and that its formula can perform globally as well as in the UK.
JD Sports has received enough shareholder support for its takeover offer for smaller peer Footasylum and will compulsorily purchase the remaining shares with Footasylum becoming part of the larger group.