Another blow for high street as Select, with store in King's Lynn, goes into administration
Another major high street fashion store-with an outlet in the centre of King's Lynn-has gone into administration.
Women's fashion retailer Select Fashion confirmed this morning that "ongoing financial difficulties" meant it was insolvent.
The national store has an outlet in the Vancouver Quarter of Lynn at Broad Street.
It comes just weeks after Debenhams confirmed it was shutting stores across the country including at Great Yarmouth.
The King's Lynn store will remain open for now.
Select targeted 18-35-year-olds with up to 4,000 fashion products, and has an annual turnover of £77m.
Andrew Andronikou, joint administrator at Quantuma, said: “We will continue to trade Select whilst we assess all options available to the business, with the aim of achieving the optimum outcome for all stakeholders.
"Options include a sale of the business as a going concern, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business.
"We will also be assessing CVA proposals which have been put forward by the directors.”
A CVA - a company voluntary arrangement - would see negotiations take place with creditors and landlords in order for it to continue trading.