The Quiz brand owner has appointed Teneo as administrator of its wholly owned subsidiary, Zandra Retail, which operates Quiz’ UK and Ireland retail store chain. This has resulted in the immediate closure of 23 stores and the loss of 191 jobs, with its founders – the Ramzan family – having bought back 42 stores via a pre-pack which will save some 1300 jobs via their Orion Retail subsidiary.
Sheraz Ramzan, CEO of Quiz commented: “We are deeply sorry to those affected by the store closures, including our retail colleagues. However, this decision will put the business back on a more sustainable footing for the future and protect several hundred jobs.”
The fashion retailer had been in difficulty for some time, and this had led to it being delisted from the London Stock Exchange earlier this year. Like many other fashion retailers, Quiz has faced stiff competition from the likes of Shein and suffered the impact of reduced consumer confidence.
Joint administrator Gavin Maher 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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