Quiz makes progress on the renegotiation of store leases
Fashion retailer QUIZ has given an update on its efforts to renegotiate leases on its standalone stores.
The new follows the retailer’s announcement in June that it would be restructuring its store portfolio.
Prior to the restructuring, QUIZ operated 75 standalone stores in the UK and to date has reopened 48 shops following the Covid-19 lockdown. The retailer is now aiming to reopen a total of 60.
Quiz said rental terms agreed for the reopened stores are in line with its targets and provide a flexible cost base going forward with rents payable mainly based on revenue rather than higher fixed rental arrangements. The average lease length on the stores is 24 months.
Giving a trading update for the five months to 31 August, Quiz said its business has taken a significant hit from the Covid-19 pandemic due to temporary store closures and the suspension of its online operations for two weeks in April .
During the period, the company extended its range of casual clothing following a decline in demand for occasion wear due to the ongoing restrictions on social events.
Total sales in the period dropped by 77% to £13 million as store sales and online sales declined by 89% and 54% respectively.
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