Fashion firm Quiz is reported to be on the brink of administration, putting hundreds of jobs at risk in Ireland and the UK.
The party-dress retailer is reportedly set to call in administrators, creating questions over the fate of its 1,500 employees and 60 stores, and dozens more concessions and franchises. Founded in 1993, at its peak Quiz had over 300 stores across the world, the vast majority of which were in the UK and Ireland.
The retailer has two shops in Dublin - in Liffey Valley Shopping Centre, and The Square Shopping Centre in Tallaght. But it has faced financial problems in the past and in 2020, it placed 82 of its branches in the UK and Ireland into administration, before buying them back with the loss of 92 jobs.
Quiz currently employs around 1,500 people with its UK portfolio dropping to 62 stores and 47 concessions while it still operates in the Middle East. In 2017, it was valued at £275 million and but last year bosses warned it would run out of cash in early 2025 without new funding.
At the time, the company described the Christmas trading period as "disappointing" and said its cash reserves were "less than previously anticipated". It blamed the "impact of inflationary pressures on consumer confidence and spending" on the poor trading conditions as well as "subdued consumer demand for the brand".
The situation was so bad that bosses took the decision to delist the company from the London Stock Exchange in a money-saving move. Chairman Peter Cowgill warned last year that the company needs to "substantially reduce" costs, which will likely see the closure of parts of the business.
Beyond that, he wrote, "there exists substantial risks associated with the group’s ability to continue as a going concern". Quiz started with three stores in Glasgow.
On its website, it describes itself as a "dynamic fashion retail group that focuses on delivering catwalk style looks and all the latest trends at value for money prices". It's target market is "the fashion-conscious women’s wear market".
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