Fashion retailer Quiz which operates 82 stores in the UK and Ireland, through its subsidiary company Kast, has appointed administrators in order to facilitate a pre-pack deal. It will buy back the business and certain of its assets for £1.3 million and then seek to negotiate new lease terms with landlords that better reflect the revenues generated in each location.
In a statement, the business said: “The group continues to believe that stores, with appropriate property costs and flexible lease terms, can be a relevant pillar in Quiz’ omnichannel model moving forward. The group remains confident in the relevance of the Quiz brand and its omnichannel model to deliver future sustainable growth opportunities in both the UK and internationally.”
Market watchers anticipate that a number of other fashion retailers can be expected to take similar actions over the coming weeks.
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