Quiz has confirmed that consultancy firm Teneo has been appointed as the administrator to Zandra Retail Limited, the company’s wholly owned subsidiary which operates its standalone UK and Ireland retail stores.

Orion Retail Limited, another subsidiary to Quiz, has now agreed to acquire certain assets of Zandra, including the right to occupy and trade from 42 stores Zandra currently oversees.

While Quiz said this would “preserve the majority of the group’s retail employees”, 23 “loss-making or unsustainable” locations not to be operated by Orion have been closed upon the appointment of Teneo.

Impacted stores include locations in Brighton, Bristol, Derry, Doncaster, Dundee, Enniskillen, Exeter, Falkirk, Fareham, Grimsby, Liverpool, Maidstone, Milton Keynes, Motherwell, Peterborough, Preston, Southampton, Swansea, Telford, Glasgow, Athlone, Newbridge and Tallaght.

Online, concession and international operations unimpacted

The decision to move forward with administrators was taken up by the Quiz board, which is setting out to put the “business in a more sustainable position in the context of continuing challenging trading conditions”.

In a release issued to FashionUnited, Sheraz Ramzan, chief executive officer 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.”

Quiz’s online business, concessions and international operations, which are operated by different subsidiaries, are “unaffected”, the company noted.

Quiz’s financial position was thrown into doubt in August 2024, when it reported an 11 percent YoY decrease in full year revenue. By December, the company was believed to have called in advisors as it looked to explore “appropriate options”.

The retailer eventually decided to delist from AIM, which it said had burdened it with considerable costs, management time and legal issues, thus it felt operating as a private limited company would be “more appropriate”. Quiz further cited macro-ecomonic factors, such as cost inflationary pressures, and its “lean board structure” that requires “greater flexibility” as additional reasons.