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News

Quiz Clothing to close 23 stores as it calls in administrators
UK fashion store Quiz Clothing has fallen into administration this year, with professionals from Teneo handling the process. The news comes weeks after consultants from Interpath were tasked with advising the group’s leading lenders on its mounting crisis.This follows a period of financial instability and recent delisting from the London Stock Exchange. Chaired by Peter Cowgill, former JD Sports Fashion boss, Quiz Clothing operates roughly 60 standalone stores and dozens more concessions, with around 1,500 employees.The business had previously flagged concerns about its ability to continue as a going concern, prompting its principal lender, HSBC, to seek advisory support from Interpath.

The administration has resulted in the closure of 23 of Quiz's 60 standalone stores, leading to approximately 200 redundancies. The remaining assets of Zandra Retail, which operates Quiz's UK and Irish stores, will be acquired by Orion Retail, a subsidiary controlled by the Ramzan family, in a pre-pack administration. Quiz's online business, international operations, and concessions remain unaffected. 

CEO Sheraz Ramzan attributed the decision to "continuing challenging trading conditions," emphasizing the need for a more sustainable footing. Teneo's joint administrator, Gavin Maher, acknowledged the difficult time for employees and stakeholders, while highlighting the job preservation achieved through the sale. The company had reported a pre-tax loss of £4.7m and a revenue decline in its most recent financial results.

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