Fashion retailer Quiz has won more flexible leases after putting its stores business into administration to conduct a restructuring.
The retailer has also posted a slump in sales as the coronavirus outbreak took a toll.
Quiz, which previously had 75 standalone UK branches, has so far reopened 48 and expects to trade from 60 eventually.
Quiz reported: “Rental terms for the reopened stores are consistent with those targeted. They provide a flexible cost base going forward with rents payable predominantly based upon revenues generated rather than previous higher fixed rental arrangements. The average lease length on these stores is 24 months.”
The retailer also said it will not reopen any of its three Spanish stores.
Sales at Quiz between the start of April and end of August slid 77% to £12.8m. Sales from stores and concessions slumped 89%, while online plummeted 54%.
The retailer said that high levels of discounting meant that gross margins were down 6% year on year but “it is not anticipated that this level of discounting will continue for the remainder of the year”.
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