Quiz Clothing to close 23 stores as administrators called in
Quiz Clothing is set to close 23 of its stores after calling in administrators.
Last month the womenswear retailer appointed Teneo as administrators to Zandra Retail, which operates Quiz’s stores across the UK and Ireland, after discussions surrounding a rescue deal.
The retailer is now set to dispose of the stores as part of a pre-pack administration, Sky News has reported. The company’s remaining assets are to be acquired by Orion Retail, a subsidiary of the company controlled by the Ramzan family, which founded Quiz.
This will see Orion hold the right to trade from 42 of Quiz’s remaining stores across the UK and Ireland.
The retailer’s online business, concessions, and international operations are operated by other subsidiaries and are unaffected by the administration.
Sheraz Ramzan, CEO of Quiz, said in a statement to Sky News: “The board took the difficult decision to appoint administrators to Zandra Retail Limited in light of the continuing challenging trading conditions impacting the group’s performance.
“We are deeply sorry to those affected by the store closures, including our retail colleagues.
“However, this decision will put the business in a more sustainable footing for the future and protect several hundred jobs as a result.”
Quiz – which recently delisted from the London Stock Exchange – announced at the end of last year that it was close to running out of cash, with liquidity of £2.3m, including £400,000 worth of cash reserves and £1.9m of undrawn banking facilities.