Quiz has entered administration, according to multiple reports, affecting its 40 stores across the UK. The retailer cited rising costs and low Christmas profits as reasons for entering administration, as reported by major media. In response, Quiz has launched a clearance sale across all its stores, with discounts of up to 80%, the company said.
The immediate impacts on customers include Quiz only accepting returns for faulty items and not offering refunds to original payment methods, according to major media. Additionally, Quiz will no longer accept gift cards and credit notes at any of its stores, major media reports. The future of most Quiz locations remains uncertain, but some have confirmed plans to shut down, with confirmed closing stores including branches in Essex, Norwich, and Basingstoke, as per major media.
Quiz's website has been shut down to online trade, according to major media. It is unclear which specific Quiz stores will permanently close beyond those already announced, how many employees are affected by the administration, and what the timeline is for the administration process and potential store closures. Potential buyers or rescue plans for the business, as well as the total debt or financial impact leading to the administration, have not been disclosed.