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Embattled fashion retailer Quiz is reportedly set to appoint administrators only days after its shares were delisted from the stock market, according to Sky News.
The outlet claims that Quiz is set to appoint global advisory firm Teneo to help oversee a pre-pack insolvency that will allow the founding Ramzan family to oversee the restructured firm with a reduced portfolio.
It is thought that the appointment could come before the end of next week. Quiz currently operates over 60 stores in the UK employing over 1,500 people.
Earlier this month Quiz announced its shareholders had approved its decision to delist from AIM and secure its return to private ownership. The decision to delist the retailer came at the end of December as a result of financial difficulties.
At that time, Quiz stated that the considerable cost, management time and the legal and regulatory burden associated with maintaining the company’s admission to trading on AIM as one of the reasons behind the move.
The retailer also believed it was more “appropriate and practical” to undergo any changes to its cost base as a private limited company without the constraints of announcement obligations and significant confidentiality constraints.
In the latest financial statement, Quiz revealed that as a result of the challenging trading environment, revenues in December continued to “fall short of management’s expectations and have not compensated for the shortfall in revenues experienced in November”.
Quiz declined to comment on reports.
