Clothing group Quiz has brought administrators on board, likely leading to job losses and store closures.

However, it is thought that the bulk of the business will be preserved in a pre-pack deal with Quiz’s founding family, Sky News reported.

Teneo has been appointed as administrator to Zandra Retail, which operates Quiz’s standalone stores in the UK and Ireland. It is expected that 23 Quiz shops will be shut and approximately 200 staff will be made redundant.

The rump business is to be acquired by Orion Retail, a subsidiary controlled by the Ramzan family who built Quiz and which will have the right to trade from 42 locations formerly occupied by Zandra.

One rival bidder told Sky that they believed Teneo and the buyers had tried to preserve as many jobs as possible and that most would likely be saved.

The collapse of Quiz followed lengthy attempts to come up with a rescue deal. Quiz, which was founded in 1993, traded from about 60 standalone shops and operated a network of concessions. It delisted from the Stock Exchange last month.

 

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