Quiz property arm slips into administration as it eyes store portfolio restructure

Quiz

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.

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Retail Week

Register for free to continue reading

Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.

Register today for a taste of our high-quality intelligence and enjoy:

  • Three free article views per calendar month on Retail-Week.com
  • Detailed analysis of current trends and events 
  • Exclusive newsletters
  • In-depth reports, videos, interviews and much more

Discover Retail Week register now

Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.