Another major fashion chain is closing

The stores that will close include those in England. Stores in cities such as Southampton, Bristol, Wolverhampton and Hartlepool will close. The brand will close many branches outside of London, reducing its total number of stores by almost half.

Select Fashion went bankrupt in 2019 and fell on hard times. Turkish businessman Cafer Mahiroğlu bought the brand and added it to Genus UK Limited. However, due to economic conditions, it is becoming more difficult to survive in the retail sector every day.

The company entered into a Company Voluntary Arrangement (CVA) process last summer. A CVA is a financial restructuring method that allows companies to restructure their debt and reduce rental costs. Brands such as New Look, Jigsaw, Hotter Shoes, Caffe Nero and The Body Shop have previously undergone similar processes.

Select Fashion isn’t alone. Quiz Clothing filed for bankruptcy last week and is closing 23 stores, potentially putting about 200 employees out of work. Major retailers like Ted Baker, Matches, Muji and Farfetch are just a few of the brands joining the wave of store closures.

New data shows that more than 13,000 stores will close permanently by 2024, a 28% increase compared to last year, and 17,350 stores are expected to close by 2025, suggesting that the retail sector is set to get even worse.