Thu, 20 Feb 2025 | ADMINISTRATION
Clothing group Quiz has fallen into administration with the closure of 23 stores and the loss of around 200 jobs.
The fashion retailer, which delisted from the London Stock Exchange earlier this year has appointed Teneo as administrator. It is understood that a pre-pack administration deal will see the remaining assets of the group being bought by Orion Retail. It is a subsidiary controlled by the founding Ramzan family.
According to a report on Sky News despite the store closures and redundancies, a significant portion of the workforce is expected to be saved as part of the restructuring, with 42 stores to continue operating under new ownership.
Quiz has suffered in the high street malaise driven by the cost of living crisis, rising costs as a result of the Ukraine war and arguably Brexit and changing customer habits post-pandemic. The company had been facing increasing financial pressure, with deepening losses and poor trading performance. For the six months leading to September 2024, the retailer reported a pre-tax loss of £4.7 million, up from £1.5 million the previous year.
Quiz CEO Sheraz Ramzan said: “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.”
It has been reported that the company’s main lender HSBC was reluctant to continue supporting the retailer, pushing the company to explore alternative financing options. Despite the loss of stores, the retailer’s online and international operations are not impacted by the administration process.
Joint administrator Gavin Maher added: “Although the sale has resulted in the transfer of a number of jobs, it has been necessary to make redundancies. We appreciate that this is a difficult and uncertain time for all involved and are communicating appropriately with all employees, customers, and stakeholders.”
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