QUIZ Clothing
(“QUIZ” or “the Company”)
Administration of Zandra Retail Limited
QUIZ confirms that Teneo have been appointed as Administrators to the Company’s wholly owned subsidiary, Zandra Retail Limited (“Zandra”), which operates QUIZ’s standalone UK and Ireland retail stores. This decision was taken by the Board to put the business in a more sustainable position in the context of continuing challenging trading conditions negatively impacting the Group’s performance.
Following the appointment of Teneo as Administrators to Zandra Retail Limited, Orion Retail Limited (“Orion”), a subsidiary of the Company, has agreed to immediately acquire from Zandra (acting through its Administrators) certain assets of Zandra, including the right to occupy and to continue to trade from 42 stores operated by Zandra. This will preserve the majority of the Group’s retail employees.
Regrettably, 23 stores deemed to be loss-making or unsustainable will not be operated by Orion and were closed by the Administrators soon after the appointment.
QUIZ’s online business, concessions and international operations are operated by other Group subsidiaries and are unaffected by this announcement.
Sheraz Ramzan, CEO of QUIZ commented: “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 in a more sustainable footing for the future and protect several hundred jobs as a result.”
