The Glasgow-based womenswear retailer first appointed insolvency practitioner Teneo as administrator to think about choices for the enterprise final month.
An estimated 200 Quiz workers are actually anticipated to be made redundant because the enterprise closes 23 of its 60 standalone shops, together with in Brighton, Exeter and Glasgow.
The transaction is predicted to be structured as a pre-pack administration. The remaining property might be acquired by Orion Retail, a subsidiary of the corporate managed by the Ramzan household. Its on-line a enterprise, worldwide operations and concessions are mentioned to not be impacted.
Quiz CEO Sheraz Ramzan mentioned: “The board took the tough choice to nominate directors to Zandra Retail Restricted in mild of the persevering with difficult buying and selling situations impacting the group’s efficiency.
“We’re deeply sorry to these affected by the shop closures, together with our retail colleagues. Nevertheless, this choice will put the enterprise in a extra sustainable footing for the long run and defend a number of hundred jobs in consequence.”
The retailer delisted from London Inventory Alternate’s Various Funding Market (Purpose) on 24 January and reported a pre-tax lack of £4.7m for the six months to 30 September 2024, towards a lack of £1.5m in the identical interval final 12 months.
Income through the six months fell 7.6% to £39.1m.
Teneo joint administrator Gavin Maher mentioned: “Though the sale has resulted within the switch of various jobs, it has been essential to make redundancies.
“We admire that it is a tough and unsure time for all concerned and are speaking appropriately with all workers, clients and stakeholders.”
Quiz Clothes retailer places anticipated to shut:
Unit 93, Churchill Sq, Brighton
15 The Mall, Cribbs Causeway Regional Purchasing Centre, Bristol
Unit 17/18, Richmond Purchasing Centre, Derry
Unit 41, Frenchgate Centre, Doncaster
Unit L15, Overgate, Dundee
Unit G, Erneside Purchasing Centre, Enniskillen
Unit SU12, Princeshay Purchasing Centre, Exeter
Unit 29, Howgate Centre, Falkirk
Unit D9, Whitley Purchasing Centre, Fareham
Unit 31, Freshney Place, Grimsby
Unit 69, 15 South John St, Liverpool
Unit 31 Fremlin Stroll, Maidstone
Unit 97, Silbury Arcade, Milton Keynes
30 Brandon Parade South, Motherwell
Queensgate Purchasing Centre, Peterborough
Unit 12,17 Friargate Stroll, Preston
Unit 35, Westquay Purchasing Parade, Southampton
Unit 27, 3 Queens Arcade, Swansea
Unit 239 Telford Purchasing Centre, Telford
Unit 29b Forge, Purchasing Centre, Glasgow
Unit 34, Athlone City Centre Purchasing Centre, Athlone
Unit 46, Whitewater Purchasing Centre, Newbridge
Unit 244. The Sq. Towncentre, Tallaght
