Quiz, the popular fashion chain, is considering closing many stores due to falling profits and sales
Glasgow: The fashion retailer Quiz is in trouble. They might close about a third of their stores. Sales are down, and profits are plummeting. It’s a tough time for them.
Quiz has 17 stores in Scotland and around 60 across the UK. But now, they’re looking at which ones to shut down. The exact number of closures isn’t clear yet.
To turn things around, they’ve brought in restructuring experts. Peter Cowgill, the chair, is trying to save the business. They’re exploring all options, including possible administration.
Chief Executive Sheraz Ramzan is also involved. He’s checking which stores aren’t doing well. It’s a big decision, and nothing is off the table right now.
Last year, Quiz lost nearly £7 million. That’s a huge drop from the previous year’s profit of £2.3 million. They even had to get a £1 million loan from their biggest shareholder.
Things got so bad that they were delisted from the stock market. Now, they’re worth just £3.6 million. It’s a tough spot for a once-thriving retailer.
HSBC is also hesitant to lend them more money. It’s a waiting game to see what happens next. Quiz hasn’t commented yet, but everyone is watching closely.
