QUIZ clothing have called in administrators with hundreds of workers fearing they will lose their jobs.
Quiz, which is chaired by the former JD Sports chief Peter Cowgill, has appointed the insolvency practitioner Teneo as administrator to Zandra Retail.
The company have warned that the move will see the closure of at least 23 of its shops.
The transaction is expected to be structured as a pre-pack administration.
The remaining assets will be acquired by Orion Retail, a subsidiary of the company controlled by the founding Ramzan family.
Up to 200 employees could be let go, reports Sky News.
Sheraz Ramzan, CEO of QUIZ 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 in a more sustainable footing for the future and protect several hundred jobs as a result.”
It comes just weeks after it was reported the fashion chain, which runs around 60 branches, was set to call in administrators.
Last month, it was reported struggling Quiz was set to call in administrators Teneo after its market capitalisation dwindled to £3.6million.
Market capitalisation represents the total value of a publicly traded company’s outstanding shares of stock – the lower it is the less markets value a business or company.
The move was expected to involve a “pre-pack administration” deal – an insolvency process for a business to sell its assets before appointing administrators.
And Quiz Clothing shuttered its branch in the Queensgate Shopping Centre, Peterborough, yesterday.
Shoppers were left distraught after finding out the Peterborough store will close for good.
Posting on Facebook, one said: “There’s nothing in Peterborough Shopping Centre now…might as well pull it down.”
Another commented: “Yet another nail in the coffin for Queensgate.”
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