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Fashion retailer Quiz said it had appointed administrators to its physical store portfolio, citing Covid-19 lockdowns and shift in shopper habits towards online channels.
The company's 82 stores in the UK and Ireland and three stores in Spain were currently held by wholly owned subsidiary Kast Retail, which had gone into administration.
Quiz said it planned to subsequently acquire certain Kast assets for £1.3m, including stock, fixtures and fittings, contracts and vehicles.
'The board believes that the proposed restructuring announced today will enable the group to operate an economically viable store portfolio alongside its online, UK concession and international channels which are unaffected by today's announcement,' Quiz said.
'The group continues to believe that stores, with appropriate property costs and flexible lease terms, can be a relevant pillar in Quiz's omni-channel model moving forward.'
Kast had sought the appointment of Blair Nimmo and Alistair McAlinden, licensed insolvency practitioners from KPMG, as administrators to the company.
Quiz said it expected to renegotiate the lease arrangements for 'the majority' of standalone Quiz stores 'where appropriate leases can be secured on a flexible basis with rents commensurate with revenues generated'.
Kast Spain would no longer be under the group's control and it would cease to provide services or support to the Spanish business.