High street blow as Scottish fashion chain warns 23 stores to shut with loss of 200 jobs

The womenswear chain first appointed insolvency practitioner Teneo as administrator to consider options for the business last month. It delisted from the London Stock Exchange just weeks ago.

It is reported that 23 of its shops will be closed, with about 200 employees expected to be made redundant. The firm is understood to have appointed Teneo as administrator to Zandra Retail, which operates Quiz’s standalone stores in the UK and Ireland, following weeks of talks about a rescue deal.

The deal is expected to be structured as a pre-pack administration, with the remaining assets being acquired by Orion Retail, a subsidiary of the company controlled by Quiz’s founding Ramzan family. Orion would then hold the right to trade from 42 outlets previously occupied by Zandra.

Prior to the latest move, Quiz Clothing was trading from around 60 standalone stores and a string of concessions, employing some 1,500 people. Quiz’s online business, concessions and international operations are operated by other group subsidiaries and are unaffected by the move, according to Sky News.

In a statement, Quiz chief executive Sheraz Ramzan said: “The board took the difficult decision to appoint administrators to Zandra Retail Limited in light of the continuing challenging trading conditions impacting the group’s performance.

“We are deeply sorry to those affected by the store closures, including our retail colleagues. However, this decision will put the business on a more sustainable footing for the future and protect several hundred jobs as a result.”

Quiz delisted from the London Stock Exchange’s Alternative Investment Market (Aim) last month. The group had a rollercoaster ride as a stock market listed business, floating in 2017 with a valuation of about £200 million.

Last March, it unveiled a boardroom shake-up that saw its founder quit his role as chief executive after more than 30 years while its high-profile chairman took on a “more active role”.

It said at the time that Tarak Ramzan was stepping down as chief executive with immediate effect. His son, Sheraz, who had been chief commercial officer, took up the top post.

Meanwhile, non-executive chairman Peter Cowgill agreed to take on a “more active role” in supporting the business through an ongoing strategic review. Cowgill has more than three decades of retail expertise, and is best known as being the former executive chairman of JD Sports.

The group, which sells occasion and dressy casual clothing and accessories, launched a strategic review in December 2023, led by Cowgill. In 2020, it closed more than a dozen stores but had been opening and expanding others since then.