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September 13, 2022
January 28, 2025
By Evans Momodu
1 minute read
Quiz Clothing, the well-known fashion retailer, is reportedly on the verge of entering administration just days after its delisting from the London stock market.
The company, chaired by former JD Sports chief Peter Cowgill, is expected to appoint Teneo as administrators by the end of next week, according to Sky News.
The move is likely to involve a pre-pack insolvency arrangement, which would allow the founding Ramzan family to regain control of the business in a restructured form but with significantly fewer stores and employees.
Quiz currently operates around 60 standalone stores, along with numerous concessions, and employs approximately 1,500 people.
HSBC, Quiz’s primary lender, recently engaged restructuring experts at Interpath to explore options for the struggling business. A solvent restructuring appears to have been ruled out, though the exact timing of the insolvency filing remains uncertain.
The impending administration underscores the challenges faced by many retailers amid shifting consumer habits and economic pressures, raising questions about the future of Quiz Clothing's remaining stores and workforce.
Source: Sky news
