Hopes for beleaguered fashion chain
Investors in beleaguered fashion chain QS are gearing up to rescue it from administration.

It is thought the consortium that hopes to buy the core business includes major shareholders, as well as new chief executive Findlay Caldwell.

Caldwell took over from departed chief executive Serge Khela the week before QS went into administration.

Administrator Grant Thornton has identified 134 out of 343 stores as non-core because of their size, location and profitability. These will be closed or sold in the next few months, affecting 1,418 staff.

A Grant Thornton spokesman said: 'These actions are necessary to provide long-term prospects for the group. By disposing of the non-profitable stores, we believe we will be able to protect the livelihoods of the remaining 2,537 store-based staff. The streamlined group will be an attractive retail offer that we will be able to sell as a going concern.' The core business will continue to trade until a deal is completed.

QS fell into administration on February 9 after it failed to react to pressure from supermarkets and high street value players.