Quiz appoints administrators
Quiz has called in administrators in a move that has put around 200 jobs at risk.
The news comes just days after the high street fashion retailer’s shares were removed from the London Stock Exchange and weeks of discussions about a rescue deal.
Insolvency specialist Teneo has been appointed to oversee Zandra Retail, the company that operates the retailer’s 62 standalone stores in the UK and Ireland.
According to Sky News, the move has resulted in the closure of 23 Quiz shops that were loss making or unsustainable. These stores employed 200 workers.
Never Miss a Retail Update!Following the appointment of administrators, Orion Retail, a subsidiary of the founding Ramzan family, has agreed to acquire the Quiz brand and 42 of the stores operated by Zandra, which Quiz said will preserve the majority of the jobs at risk.
Sheraz Ramzan, chief executive of Quiz, told the news site: “The board took the difficult decision to appoint administrators to Zandra Retail 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.”
