// Quiz wins more flexible leases since stores went into administration
// Quiz had 75 standalone branches across the UK
Quiz has secured more flexible leases after its property arm fell into administration in June, resulting in 93 redundancies.
The fast fashion retailer witnessed a drop in sales after the Covid-19 pandemic affected its trading.
Quiz had 75 standalone branches across the UK, but has so far reopened 48 and expects to continue trading from 60.
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“Rental terms for the reopened stores are consistent with those targeted. They provide a flexible cost base going forward with rents payable predominantly based upon revenues generated rather than previous higher fixed rental arrangements,” Quiz said.
“The average lease length on these stores is 24 months.”
The retailer also said it will not reopen any of its three Spanish stores.
Between April and end of August, sales at Quiz dropped by a colossal 77 per cent to £12.8 million.
Sales from stores and concessions declined by 89 per cent, while online sales plummeted 54 per cent.
The retailer said that high levels of discounting meant that gross margins were down six per cent year on year but “it is not anticipated that this level of discounting will continue for the remainder of the year”.