Another stalwart of Britain’s high street has fallen into administration, as Quiz Clothing announced the closure of at least 23 stores, putting hundreds of jobs at risk.
The fashion retailer’s dramatic move comes mere days after its shares were delisted from the London Stock Exchange and after an extended period of store closures across the UK.
As part of the process, the company has appointed insolvency practitioner Teneo to oversee the administration of Zandra Retail, which operates Quiz’s 60 standalone stores across the UK and Ireland.
The development marks yet another blow to Britain’s retail landscape, as the fashion chain becomes the latest in a string of high street casualties grappling with challenging trading conditions.
Former JD Sports chief Peter Cowgill, who leads the fashion chain, has brought in Teneo to manage the administration process for its UK and Irish stores.
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A major retailer is shutting done multiple stores
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Quiz CEO Sheraz Ramzan addressed the situation head-on, explaining to Sky News the board’s position.
“We made the difficult decision to appoint administrators to Zandra Retail Limited in light of the continuing challenging trading conditions impacting the Group’s performance,” he said.
In a message to those affected, Ramzan expressed deep regret: “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.”
A rescue deal has been arranged through a pre-pack administration, which will see Orion Retail – a subsidiary controlled by the founding Ramzan family – acquire the remaining assets of the business.
Under the arrangement, Orion is granted trading rights at 42 outlets previously operated by Zandra, with a Quiz spokesperson confirming that the majority of at-risk jobs will be preserved.
The company’s online business, standalone shops and international operations, managed by separate Group subsidiaries, will continue unaffected.
Joint Administrator Gavin Maher said: “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.
“HSBC, Quiz’s primary financier, has sought restructuring guidance from Interpath during this transition.
This latest high street casualty reflects a broader crisis facing Britain’s independent retailers, with new research painting a stark picture for local commerce.
Analysis from Simply Business reveals that nearly 133,000 small businesses on UK high streets could become extinct within just 15 years.
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Bea Montoya, UK chief operating officer at Simply Business said: “Britain’s independent high street is at breaking point.
“Our research paints a bleak picture if we don’t act urgently, our high streets will soon look vastly different.
“Independent pubs, newsagents and others will soon be extinct, and the impact this will have on communities will be devastating.”