Quiz puts shop business into administration
Fashion retailer Quiz has decided to appoint administrators to its Kast subsidiary, the operator of its 82 stores in the UK and Ireland.
In a statement, Quiz said the move will protect the future of the wider business.
The retailer will then seek to buy some stock, fixtures and fittings, and certain assets of Kast for £1.3 million to enable it to operate an “economically viable” store portfolio alongside its online, UK concession and international channels. Following completion of the acquisition, Quiz expects to renegotiate the leases on the majority of stores.
While 822 of the 915 staff members impacted by the decision will remain with the group, 93 people will be made redundant.
Tarak Ramzan, chief executive of Quiz, said: “Physical retail in the UK was facing a major structural challenge prior to the outbreak of Covid-19 with the economics of operating stores on traditional leases becoming increasingly difficult.
“Whilst we have taken pro-active actions over the past 18 months to drive footfall to our stores and renegotiate leases to improve performance, the significant economic uncertainty we now face as consumers and businesses emerge from the Covid-19 pandemic has meant that, in order to ensure a sustainable future for the group, we have taken this decision to place the subsidiary which operates our stores into administration.”
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