The quiz subsidiary Zandra Retail Limited, which runs the independent retail business in Great Britain and Ireland, is insolvent.
The stricken British Fast-Fashion provider Quiz PLC has confirmed that the consulting company Teneo was appointed insolvency administrator of Zandra Retail Limited. Orion Retail Limited, another subsidiary of Quiz, has now agreed to acquire certain assets from Zandra, including the law, 42 branches that are currently being looked after by Zandra and to act there.
While Quiz explained that this would “receive the majority of the group’s majority”, 23 “loss -making or uneconomical” locations that are not to be operated by Orion have now been closed. The affected branches include locations in Brighton, Bristol, Derry, Doncaster, Dundee, Enniskillen, Exeter, Falkirk, Farham, Grimsby, Liverpool, Maidstone, Milton Keynes, Motherwell, Peterborough, Preston, Southampton, Swansea, Telford, Glasgow, Athlone, Newbridge and Tallaght.
“In view of the continuing difficult trade conditions, which affects the group’s performance, the board has made the difficult decision to order insolvency administrators for Zandra Retail Limited,” said Quiz-CEO Sheraz Ramzan. “We regret the effects of the branch closures, especially for our retail college: inside, deep. However, the company will set up this decision for the future more sustainably and subsequently secure several hundred jobs. ”
The online business, the concession transactions and the international activities of Quiz, which are operated by various subsidiaries, are “not affected”, according to the company.
Quiz’s financial situation was questioned in August 2024 when the company reported a decline in annual sales by eleven percent compared to the previous year. In December, the company is said to have consulted advisors to check “suitable options”.
The retailer finally decided to withdraw from the stock exchange, which claimed to be involved with considerable costs, administrative effort and legal problems, so that business activity was considered a private company as “reasonable”. Quiz also called macroeconomic factors such as cost inflation pressure and its “slim board structure”, which requires “more flexibility” than further reasons.
This article was used with digital tools translated.
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