Struggling fashion brand Quiz has said it will seek to appoint administrators to its wholly owned subsidiary in a bid to restructure its failing retail store portfolio.
The brand operates 82 standalone stores in the UK and Republic of Ireland through its wholly owned subsidiary Kast Retail Limited and has made the decision today to seek the appointment of administrators from KPMG.
In a statement to the City, the retailer than said it is “proposing to subsequently acquire from Kast (acting through its administrators) the business and certain assets of Kast for a cash consideration of £1.3m”.
This will take the of Zandra Retail Limited, another wholly owned subsidiary of Quiz, acquiring the business assets of Kast after the appointment of administrators. As a result, 93 of the 915 current staff of the Kast subsidiary will be made redundant.
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