High street fashion chain on the brink of administration with 62 stores at risk
28 January 2025, 20:06 | Updated: 28 January 2025, 20:49
Fashion chain Quiz is on the brink of falling into administration, according to reports.
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The troubled retail group has been scrambling to secure its future in recent weeks after warning it could run out of cash in the first few months of 2025.
Sky News reported on Tuesday that the business, which employs around 900 people, is lining up financial services firm Teneo as administrator.
Quiz declined to comment.
The company, which runs 62 stores and 47 concessions across the UK, is expected to enter administration by the end of next week.
It is reported this is expected to result in a pre-pack insolvency deal which would allow the firm's founders, the Ramzan family, to take control of the business.
However, the broadcaster reported this would involve a major restructuring process which would shutter stores and cut jobs.
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It follows reports last week the retailer is preparing to close up to a third of its stores to help slash costs.
The company has looked towards a restructuring process after struggling with efforts to strike a solvent sale deal.
Last week, Quiz dropped its listing on London's AIM stock market in order to save itself cash.
Quiz said sales had been "disappointing" in the Christmas trading period and that its cash reserves are "less than previously anticipated".
It said the poor trading was partly because of the "impact of inflationary pressures on consumer confidence and spending".
