Select came under Mahiroğlu's ownership in 2008 when he bought the fashion chain out of its first administration.
The company, which has 169 stores throughout the United Kingdom, has been struggling with debt and was reportedly lining up administration last month.
The administration comes amid a period of turmoil for high-street fashion retailers, as they face rising costs and falling sales.
No redundancies have been made as part of the administration announcement, and the chain will continue to trade in-store and online for the time being as administrators Quantuma assess all options available to the business.
The administration announcement comes nearly one year after Select launched a company voluntary arrangement (CVA) to slash its rent bill. Select operates from 169 stores across the UK.
In April 2018, the company used a company voluntary agreement (CVA) to cut its rent by 75% and save about 2,000 jobs. Quantuma said that due to "prevailing high street conditions" Select has been "unable to sufficiently deliver on a turnaround plan it had embarked upon".
'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.
No redundancies have been made as a result of the administration, while options for the future of the business, including a possible sale, are now being assessed.
The chain has entered administration, putting 1,800 jobs at risk nationally.
Women's fashion retailer Select Fashion confirmed this morning that "ongoing financial difficulties" meant it was insolvent. "We will also be assessing CVA proposals which have been put forward by the directors". The Burnley Express reported last month that Monsoon and Accessorize could be the latest stores to disappear from the high street after advisers were called in to speed up its closure process.