Sheraz Ramzan, chief executive of Quiz, said: “The board took the difficult decision to appoint administrators to Zandra Retail Limited in light of the continuing challenging trading conditions impacting the group’s performance.
Administrators struck a deal for Orion, a subsidiary company run by the Ramzan family, to buy a raft of assets, including the Quiz brand and 42 of its shops.
Troubled fashion chain Quiz has shut 23 stores after falling into administration, putting around 200 jobs at risk.
Quiz confirmed that it hired insolvency practitioner Teneo as administrator to Zandra, its subsidiary business which runs its shops in the UK and Ireland.
Quiz said sales had been “disappointing” in the Christmas trading period and that its cash reserves are “less than previously anticipated”.
