Fashion retailer Quiz nears administration, 1,500 jobs at risk

Fashion retailer Quiz is on the verge of administration just days after its shares were delisted from the London Stock Exchange. Reports indicate that the company, which operates around 60 stores and employs approximately 1,500 staff, is preparing to appoint Teneo as its administrator, with the process expected to be finalized by the end of next week. This pre-pack insolvency deal is aimed at allowing the founding Ramzan family to take control of a streamlined version of the business, which may involve closing up to a third of its stores and significant job losses. The retailer has struggled financially, citing disappointing sales during the holiday season and a cash reserve that could last only until early 2025. The ongoing financial distress for Quiz reflects broader challenges faced by retailers in the current economic climate, exacerbated by inflationary pressures and increased operating costs. The situation has developed rapidly, with Quiz's market value having dropped significantly in recent weeks, leading to concerns over its future viability.