Third big name exits Kirkcaldy High Street in just three days
It was announced that Quiz’s owners, Kast Retail Limited, has gone into administration with the majority of its assets going to Zandra Retail Limited - a wholly-owned subsidiary of Quiz Plc.
There were initial plans to renegotiate terms with landlords of some branches, but administrators KPMG said today that there are 11 branches which will not be reopening.
While other Scottish stores were saved from the axe, Kirkcaldy was the only branch north of the border which will be closed.
The news comes after H Samuel and Clarks have already confirmed that they will not be reopening their stores in Kirkcaldy.
Tarak Ramzan, Chief Executive Officer of Quiz Group, said: “It is with deep sadness and regret for some of our colleagues and partners that we had to take this decision to restructure the Quiz Group’s operations.
“The significant economic uncertainty coupled with the challenging economics of operating stores on traditional leases meant that, in order to ensure a sustainable future for the Quiz Group, we had to take this decision to place the subsidiary which operates our stores into Administration.”
Blair Nimmo, Joint Administrator and Head of Restructuring for KPMG UK, said: “A combination of a highly challenging environment for bricks and mortar retailers during recent years and the Covid-19 lockdown have proven impossible for KRL to overcome. Despite their best efforts, the directors of KRL concluded that an Administration of KRL was unavoidable.
“First and foremost, our efforts will be devoted to assisting redundant employees with claims, including supporting their interaction with relevant Government agencies. We are already engaging with relevant employee support bodies.”