Quiz clothing: administration looms for UK fashion retailer, major shop closures and job cuts expected - news
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- British fashion retailer Quiz is at risk of entering administration by the end of next week
- The company is reportedly preparing for a pre-pack insolvency deal, allowing its founders to regain control
- A major restructuring is expected, including store closures and job cuts
- Sales during the Christmas period were disappointing, and cash reserves are lower than anticipated
- Quiz previously used a similar strategy in 2020, resulting in store closures and job losses
A British fashion retailer is reportedly facing the possibility of entering administration.
Quiz, founded in Scotland in 1993, has been working urgently to secure its future in recent weeks, having warned it might run out of cash early in 2025.
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Hide AdSky News reported on Tuesday (January 28) that Quiz, which employs approximately 900 people, is preparing to appoint financial services firm Teneo as its administrator.
The struggling company, which operates 62 stores and 47 concessions across the UK - including one in Portsmouth and one in Whiteley, is anticipated to enter administration by the end of next week.
Reports suggest this could lead to a pre-pack insolvency deal, enabling the Ramzan family, the company’s founders, to regain control of the business. But this is expected to trigger a major restructuring, including store closures and job cuts.
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It comes after reports last week that the retailer is planning to close up to a third of its stores to reduce costs. The company has turned to a restructuring process after failing to secure a viable sale deal.
Quiz reported that sales during the Christmas trading period were "disappointing" and that its cash reserves are “less than previously anticipated”.
In June 2020, Quiz revealed plans to place its UK and Ireland branches into administration before purchasing them back, enabling the company to renegotiate rents. This decision resulted in the loss of 93 jobs.
What do you think about Quiz's current situation and its plans for restructuring? Do you think the company can recover, or is this the end of an era for the fashion retailer? Share your thoughts in the comments section.
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