Glasgow-founded fashion retailer Quiz is set to close 23 stores, with 200 roles at risk, as it works to put the business on a more sustainable footing.
As part of a pre-pack administration deal, Orion Retail – a subsidiary of the founding Ramzan family – acquired the remaining assets.
Some 42 stores will continue to operate under new ownership, saving a portion of the workforce, despite the closure of other stores and redundancies. The online and international operations of Quiz will not be impacted by the administration process.
Sheraz Ramzan, CEO of Quiz, said: “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 had been struggling financially recently, reporting a pre-tax loss of £4.7mn for the six months leading to September 2024, compared to £1.5mn the previous year. It has been reported that HSBC, the retailer’s main lender, was reluctant to continue supporting Quiz. This has resulted in the brand exploring alternative financing options.
Gavin Maher, joint administrator, Teneo Financial Advisor, 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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