June 10, 2020 / 6:30 AM / a month ago

UK retailer Quiz to put stores subsidiary into administration

LONDON, June 10 (Reuters) - British fashion retailer Quiz said on Wednesday it would place its stores unit into administration and then buy the business back so it can try to renegotiate better rental terms.

The group’s 82 standalone stores in the United Kingdom and the Ireland, which have been closed in the coronavirus lockdown since March 22, are operated through its subsidiary, Kast Retail Limited.

Quiz is seeking the appointment of administrators to Kast and to subsequently acquire from the administrators the business and certain assets of Kast for 1.3 million pounds ($1.7 million). ($1 = 0.7831 pounds) (Reporting by James Davey; editing by Sarah Young)

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