A high street fashion chain is on the brink of falling into administration, according to reports.
Fashion chain Quiz has been scrambling to secure its future in recent weeks after warning it could run out of cash in the first few months of 2025.
Sky News reported on Tuesday that the business, which employs around 900 people, is lining up financial services firm Teneo as administrator.
The troubled retail group, which runs 62 stores and 47 concessions across the UK, is expected to enter administration by the end of next week.
This is expected to result in a pre-pack insolvency deal which would allow the firm’s founders, the Ramzan family, to take control of the business.
However, the broadcaster reported this would involve a major restructuring process which would shutter stores and cut jobs.
It comes after some of the biggest fashion brands are preparing to leave London‘s famous Oxford Street as the number of high street shoppers continues to dwindle.
The owners of Park House, home to the likes of Pandora, Swarovski, Urban Outfitters and River Island, said the retailers want to exit their lease on the street ‘at the earliest opportunity’.
Fast-fashion brand Quiz is on the brink of falling into administration, according to reports
US tech giant Microsoft also closed its flagship London store on Oxford street six years after it first opened to ‘focus on digital growth’.
Last week, reports suggested Quiz was preparing to close up to a third of its stores to help slash costs.
The company has looked towards a restructuring process after struggling with efforts to strike a solvent sale deal.
Quiz also dropped its listing on London’s AIM stock market last week in order to save itself cash.
The company said sales had been ‘disappointing’ in the Christmas trading period and that its cash reserves are ‘less than previously anticipated’.
It said the poor trading was partly because of the ‘impact of inflationary pressures on consumer confidence and spending’.
The troubled retail group is expected to enter administration by the end of next week. File image
Earlier today, it was reported that more than 100 staff at WH Smith’s travel stores are being made redundant as the firm gears up to focus exclusively on its business in airports, train stations and hospitals.
The retail giant is angling to sell off its high street division so it can focus on the lucrative travel division, which generated £126million of profit last year, up almost 25 per cent year-on-year.
However, it has made 102 managers in the sector redundant and told others they had to fight it out for ‘newly created’ roles on lower pay.
The firm, which now brands itself ‘the global travel retailer’, informed managers at around 40 per cent of its 579 travel stores across the UK that they were at risk of redundancy at the end of November.
