Fashion chain with Eastbourne store goes into administration

Eighty two stores and 93 jobs could be at risk as QUIZ joins a number of troubled high street businesses.

The firm – which opened a shop in The Beacon shopping centre just last year – said in a statement today (June 10) it is facing increased financial pressure due to lockdown, online shopping, and high rent levels.

QUIZ’s standalone UK and Ireland stores are operated through its subsidiary Kast Retail Limited, which today entered administration following months of tumbling profits.

The fashion retailer said it will eventually look to buy back the stock and some of the assets from Kast for £1.3 million, so it can try to renegotiate better rents with landlords.

In order to protect the future for QUIZ, the company’s board announced it is proposing to restructure its standalone retail store portfolio.

Tarak Ramzan, CEO of QUIZ, said, “It is with deep sadness and regret for some of our colleagues and partners that we had to take this decision to restructure the Group’s operations.

“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.”