Quiz, the Glasgow-based retailer, may shut down a third of its shops due to falling profits and declining demand
They’ve got 17 stores in Scotland and around 60 across the UK. But with profits dropping, they might have to make some tough choices. It’s unclear how many jobs could be lost if this happens.
The company’s chair, Peter Cowgill, is looking for help from restructuring experts. Meanwhile, the CEO, Sheraz Ramzan, is checking out which stores aren’t doing well.
Reports say they might close about a third of their locations. There’s talk of a pre-pack administration and a company voluntary arrangement to help sort things out. A source mentioned that “nothing is being ruled out.”
Right now, it’s a mystery which stores will be affected. Besides the 17 in Scotland, they also have three concession stands in other shops.
Last year, Quiz lost nearly £7 million. They had to take a £1 million loan from Sheraz’s dad to stay afloat. And now, HSBC is hesitant to lend them more cash.
It’s a tough time for the brand, and they’ve been through restructuring before. Let’s see what happens next.
