Fashion chain Quiz has crashed into administration with the closure of 23 stores and the loss of almost 200 jobs amid fears of a High Street bloodbath after the Budget. The clothing retailer called in administrators yesterday before its founding Ramzan family bought back 42 shops, saving around 1,300 jobs.
But 23 shops in the UK and Ireland will close, meaning the loss of 191 jobs. The threat to livelihoods comes as the industry faces a barrage of cost increases following the Budget in October. Sheraz Ramzan, chief executive of Quiz, said: ‘We are deeply sorry to those affected by the store closures, including our retail colleagues.
‘However, this decision will put the business on a more sustainable footing for the future and protect several hundred jobs.’. Collapse: Fashion chain Quiz called in administrators before its founding Ramzan family bought back 42 shops - saving around 1,300 jobs.
Quiz has blamed poor sales on the ‘impact of inflationary pressures on consumer confidence and spending’. It abandoned its listing on London’s junior stock market last month amid a battle to stay afloat. But it appointed administrators from corporate consultancy Teneo yesterday. It came as a survey by the British Retail Consortium found consumer confidence has crashed to a new low.
A raft of extra costs, including a hike in National Insurance Contributions paid by employers and an inflation-busting increase in the minimum wage, will hit firms from April. Businesses will also be clobbered with higher business rates bills after the Government failed to reform the punitive levy.
The retail crisis has been highlighted by the Daily Mail’s Save Our High Streets campaign. A third of small firms plan to axe staff amid fears that Angela Rayner’s overhaul of workers’ rights will ‘wreak havoc’, the Federation of Small Businesses (FSB) warned this week.
The Centre for Retail Research has warned 17,350 shops will shut this year following more than 13,000 in 2024. WH Smith last month announced plans to sell its business, which employs 5,000 people, and grocers Sainsbury’s and Morrisons said they would axe 3,000 and 200 roles respectively.
Cookware seller Lakeland was also put up for sale, putting 1,000 jobs at risk. Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
