Quiz, a popular UK fashion chain, is reportedly on the verge of closing all its stores in the country, putting 1,500 jobs at risk. The company is calling in administrators, raising concerns about the future of its 60 stores, concessions, and franchises.
Fashion chain Quiz is reportedly set to close all of its UK stores, with speculation about the future of its 1,500 employees and 60 shops across the country. The Mirror reports that the chain, which also operates dozens of concessions and franchises, is calling in administrators. The news has sparked sadness among fans on social media, with many describing the move as 'heartbreaking'. Quiz, which has its headquarters in Glasgow, follows a trend of closures on the UK high street .
WH Smith recently announced plans to sell its High Street business, impacting 5,000 employees, while Sainsbury's is also making cuts across various departments, resulting in 3,000 job losses. Quiz has been a familiar name in the UK fashion industry for over 30 years, starting with its first branch in Glasgow. The company experienced rapid growth in Scotland and expanded to major cities like Cardiff, Liverpool, and Manchester. It also operated concessions in New Look and had international branches in Saudi Arabia, Pakistan, and Kuwait. In 2017, reports valued Quiz at £245 million. However, the company faced difficulties in June 2020 during the pandemic, leading to a small number of job cuts when stores were forced to close permanently. The impending increase in national insurance paid by employers, rising by 1.2 percentage points to 15 per cent in April, with eligibility dropping from £15,000 to £9,000 in earnings, could further exacerbate the challenges faced by Quiz and other high street businesses. Belfast Live reached out to Quiz for comment
QUIZ UK Closure Fashion Retail High Street Jobs Administrators Employees Cost Rises National Insurance
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Quiz Fashion Chain Faces Collapse and Store ClosuresFashion retailer Quiz is teetering on the brink of administration, potentially leading to store closures and job losses. The company has been struggling financially and is expected to enter administration by the end of next week. A pre-pack insolvency deal is anticipated, allowing the founders to regain control but requiring substantial restructuring.
Read more »
Quiz Fashion Chain May Shut Nearly a Third of StoresQuiz, a fashion chain headquartered in Glasgow, is reportedly considering closing almost 30% of its stores due to falling profits and sales. The company, which operates 17 stores in Scotland and around 60 across the UK, is exploring restructuring options to ensure its survival. Chief Executive Sheraz Ramzan is evaluating underperforming stores for potential closure, with sources suggesting a third of the stores could be shut down. While the exact number of stores and jobs at risk remains unclear, options like pre-pack administration and company voluntary arrangements are being discussed. Quiz has already faced financial difficulties, undergoing a restructuring in 2020 and experiencing a significant drop in its value since December.
Read more »
Quiz Fashion Chain Faces Administration as High Street Woes ContinueFashion retailer Quiz is on the brink of collapse, with reports indicating it will enter administration by the end of next week. The company, facing dwindling sales and cash flow concerns, is expected to undergo a pre-pack insolvency deal that would allow its founders to regain control through restructuring, including store closures and job losses. This news adds to the growing list of high street struggles, with other major brands also exiting prominent locations like Oxford Street.
Read more »
Quiz Fashion Chain Faces Closure, Threatening 1,500 JobsQuiz, a well-known UK fashion retailer, is reportedly on the verge of calling in administrators, raising fears about the closure of all its UK stores and the loss of 1,500 jobs. This news comes amidst a challenging period for the High Street, with rising costs and economic uncertainty impacting numerous businesses.
Read more »
Quiz Fashion Chain Faces Imminent Closure, Impacting 1,500 JobsQuiz, a well-known British fashion retailer specializing in occasion wear, is reportedly on the verge of administration, threatening 1,500 jobs and 60 stores nationwide. The company, which boasts a long history and a significant presence in major UK cities, is facing increasing financial pressure amid rising costs and a challenging retail landscape.
Read more »
Quiz Fashion Chain Faces Collapse, Threatening 1,500 JobsQuiz, a popular British fashion retailer specializing in occasion wear, is reportedly on the verge of administration, putting 1,500 jobs at risk. The chain, known for its extensive presence in major cities and concessions within other stores, has been struggling amid rising costs and a challenging retail environment.
Read more »