The parent company of Quiz, Zandra Retail, appointed Gavin Maher and Daniel Smith of Teneo Financial Advisory Limited as joint administrators.
Quiz ended share trading on 23 January and re-registered as a private limited company.
Quiz has struggled with the challenging trading environment for some time now and in early December announced a strategic review including a refreshed business plan, management team and leadership and funding requirements and availability.
On 28 March 2024, it announced – as part of that review – Tarak Ramzan, CEO and Quiz founder, would step down as CEO to become a non-executive director and Sheraz Ramzan, previously chief commercial officer, would be appointed as CEO to implement a turnaround strategy, with the aim of recalibrating the business back into profitable growth. In 2024, the group implemented a number of strategic initiatives such as restructuring the buying and merchandising function and a refreshed marketing brand and social media activity.
In a statement shared with Just Style, Teneo said that it completed the sale of certain assets of the company to an entity in the existing group. The sale resulted in the transfer of 531 employees and the purchaser will continue to trade 42 stores.
23 stores have closed and 191 staff have been made redundant.
The administrators are communicating with all employees affected and working closely with the relevant government agencies to support employees in recovering any statutory entitlements to which they may be entitled.
Joint administrator Gavin Maher commented: “Although the sale has resulted in the transfer of a number of jobs, it has been necessary to make redundancies. We appreciate that this is a difficult and uncertain time for all involved and are communicating appropriately with all employees, customers and stakeholders.”
