UK high street retailer on brink of crashing into administration – 1,000 jobs at risk | UK | News
High street retailer Quiz has announced it may soon go into administration, putting up to 1,000 jobs at risk. The brand currently has 40 stores across the UK and Quiz is understood to have submitted a notice intending to appoint administrators.
There are also 41 Exam franchises operating in stores such as New Look. In February last year, Quiz closed 23 stores following a decline in consumer demand and disappointing sales over the crucial Christmas period. Earlier this month, the outlet announced it was considering various options to secure its future following “disappointing” Christmas trading.
READ MORE: The iconic high street fashion chain is closing 11 stores today in its new retail slate
READ MORE: Doomsday for high street fashion giant as 11 stores close today
The company has 40 stores across the UK (Image: )
A Quiz spokesperson said: Telegram: “We have decided to file a Notice of Interest to give us the time we need to explore all financing options. In the meantime, [it’s] “business as usual.”
The company has become the latest in a long line of high street favorites to signal their intention to close stores after the Christmas period.
High street giant Russell & Bromley was recently acquired by Next after the shoe and bag retailer went into administration.
But the UK retail giant said it would buy just three of the group’s 36 stores as part of the rescue deal.
As a result, the future of the remaining 33 stores and nine concessions is uncertain, putting hundreds of jobs at risk.
Executives said they are evaluating options for the remaining stores.
The company is one of several to signal its intention to enter administration (Image: Getty)
His move into administration of the Original Factory Store put the future of the chain’s 137 stores and 1,180 staff at risk.
The discount retailer, which sells goods including clothing and homeware, appointed administrators from Interpath Advisory on Wednesday.
The company will continue to trade from its UK stores while insolvency experts consider options to keep the company afloat.
But it has now ceased its online operations, although all online sales made before Wednesday will be delivered as normal.
The business notified its intention to appoint administrators alongside fashion accessories brand Claire’s earlier this month.
Claire’s, which employs 1,355 people in the UK, went into administration at the beginning of this month.
The two retailers had already gone through a restructuring process and were acquired by investment firm Modella Capital last year.
Modella has become a major force in British retail, acquiring high street chain WH Smith last year and taking over arts and crafts retailer Hobbycraft in 2024.
