Quiz Clothing Enters Administration Amid Sales Slump

Quiz Clothing, a high street fashion retailer, has entered administration, risking around 200 jobs due to the closure of 23 stores. Despite this, the brand is undergoing a pre-pack administration deal with Orion, a subsidiary of the Ramzan family, which will acquire 42 outlets and the Quiz brand to maintain the majority of the workforce. The closures come after Quiz's shares were delisted from the London Stock Exchange amid disappointing sales, exacerbated by inflationary pressures affecting consumer spending. The decision to appoint Teneo as administrators aims to stabilize the company's financial situation, allowing it to focus on more profitable stores. The company's CEO, Sheraz Ramzan, expressed regret for the impact on employees but emphasized that the restructuring would provide a more sustainable future for the business. Quiz's online and international operations remain unaffected by these changes.