The group suffered a poor Christmas followed by a difficult January. The result was negative like-for-like sales performances and depressed margins. QS chief executive Serge Khela left the business and is being replaced by executive chairman Findlay Caldwell, who is also taking up the post of chairman.
The administrator said shareholders and directors felt the only course of action was to seek the protection of administration, but remain committed to revitalising the group. 'Grant Thornton is working with management to implement a radical restructuring to quickly restore the group to profitability,' the administrator added.
QS and Bewise employ about 4,500 staff across 343 UK stores.
'The turnaround of the group represents a significant challenge but we're confident of working our way towards a positive solution,' said administrator Malcolm Shierson. 'It's anticipated that a substantial core profitable portfolio with streamlined support functions will emerge. Inevitably, there will be some short-term pain in the form of store closures and redundancies, but we are confident of delivering long-term prospects for the group as a going concern.'
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