Select is set to enter administration this week and will likley suggest another company voluntary agreement in bid to prevent the company from collapsing.
It has been making a loss after facing growing competition from online retailers, falling consumer confidence and higher business costs.
The retailer is owned by Turkish entrepreneur Cafer Mahiroğlu, and currently has a portfolio of 183 stores in the UK and employs around 2,000 people.
This will be the company’s second CVA. In 2018, it entered into a CVA that allowed the business to cut rents by 75% and also save thousands of jobs.
