Major high street brand to close a third of all stores – see full list under threat

A popular fashion retailer is considering closing down many of its lowest performing standalone stores as it desperately tries to avoid going into administration – find out which stores are at risk

Another high street retailer is facing financial woes(Image: Getty Images)

Fashion retailer Quiz is reportedly gearing up to shut down hundreds of its UK stores – approximately a third of its total outlets – in an effort to bolster its financial standing.

The high street fashion retailer, currently boasting 60 standalone shops across the country and employing 1,500 staff members, has suggested this plan as a measure to avoid administration.

This move comes five years after the brand suffered significant losses due to enforced temporary store closures during the pandemic’s lockdown, which resulted in a staggering 77% sales drop to £13million in the five months leading up to August 31, 2020.

Quiz is considering closing its lowest performing stores to avoid administration (Image: Quiz)

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Only 60 out of the 75 UK stores that Quiz operated before the Covid-19 pandemic were reopened, partly due to pre-existing challenges in the retail sector.

The Ramzan family, founders of the company in 1993 and still at the helm, are plotting a major revamp of the business, reports the Express.

Sheraz Ramzan, who has held the CEO position since March 2023, and business chair Peter Cowgill, ex-chief of JD Sports, have been enlisted to navigate the retailer through its recovery phase.

According to a report by The Telegraph, Ramzan is eager to cut costs by offloading the chain’s least profitable stores. Quiz also intends to delist from the London Stock Exchange’s AIM market and transition back to private ownership following a shareholder vote earlier this month.

The company has also sought the expertise of Teneo restructuring specialists to help explore its options. Potential strategies could involve a pre-pack administration or a company voluntary arrangement (CVA).

The brand closed 15 stores during following the pandemic(Image: Robert Perry/REX/Shutterstock)

A pre-pack administration is a legal procedure that enables struggling firms to sell its assets before appointing an administrator, while a CVA lets a company’s debts to be repaid over a mutually agreed time frame.

The business was also hit with a cash crisis before Christmas because of a substantial drop in online and in-store sales.

Last summer, Quiz’s liquidity was approximately £2.3million, which included £400,000 in cash and £1.9million in undrawn banking facilities, mostly from HSBC. The brand had to secure a £1million emergency loan from the father of CEO Sheraz, Tarak Ramzan.

Regardless, HSBC hesitantly continued supporting the business, prompting Quiz to urgently seek alternative financing options, potentially under more stringent conditions. Last year, Quiz reported losses close to £7million – a stark difference to the £2.3million profit made the previous year.

The retailer has been struggling since the lockdowns(Image: Alamy Stock Photo)

Quiz stores at risk of closure in the UK

Athlone
Bracknell
Brighton
Basingstoke
Belfast Castlecourt
Birmingham Merryhill
Bristol Cribbs Causeway
Carlisle
Castleford Junction 32
Craigavon
Derby
Derry
Dundee
Dublin Liffey Valley
Doncaster
Eastbourne
Enniskillen
Exeter
Falkirk
Fareham
Glasgow Buchanan Galleries
Glasgow Braehead
Glasgow Clydebank
Glasgow Silverburn
Grimsby
Glasgow St Enochs
Glasgow Fort
Hanley
Hull
Irvine
Leeds White Rose
Livingston
Leicester
Liverpool One
Milton Keynes
Mansfield
Maidstone
Manchester Arndale
Motherwell
Newbridge
Newtownabbey
Newry
Northampton
Norwich, Castle Mall
Newcastle Metro
Plymouth
Portsmouth
Preston
Peterborough
Romford
Sligo
Stirling
Swansea
Southampton
Sheffield Meadowhall
Telford
Tallaght
Thurrock Lakeside
Warrington
Watford