It’s feared that Scots fashion chain Quiz will likely close all of its UK shops.
The party-dress retailer looks set to call in administrators, which has raised fears over the fate of its 1,500 employees and 60 stores, as well as dozens more concessions and franchises. Fans have taken to social media to express their sadness at the news, with some labelling the move “heartbreaking”.
As reported by the Mirror, the High Street is under threat as it faces a barrage of cost rises. The announcement from Quiz, which has headquarters in Glasgow, follows news that WH Smith revealed plans to sell its High Street business, which employs some 5,000 people.
A further 3,000 people are for the chop at Sainsbury’s too as the supermarket giant makes cuts across various departments. Quiz has been a familiar name in the UK fashion industry for more than 30 years since its first branch in Glasgow.
It grew quickly in Scotland and now has large shops in major cities, including Cardiff, Liverpool and Manchester, in addition to concessions in New Look and branches in Saudi Arabia, Pakistan and Kuwait. Reports claim that in 2017 it was valued at £245 million. However, it hit difficulty in June 2020 – during the pandemic – and a small number of jobs were cut when stores closed for good.
In April, the rate of national insurance paid by employers will increase by 1.2 percentage points to 15 per cent, while the eligibility will drop from earnings of £15,000 to £9,000. Rachel Reeves, who is Chancellor of the Exchequer, also cut rates relief from 75 per cent to 40 per cent with a cap of £110,000, meaning that smaller firms in particular will pay significantly more.
Her Budget divided opinion. Reacting to it last year, Anthony Pender, who runs the Somers Town Coffee House in Sir Keir Starmer’s Holborn and St Pancras constituency, says the rises “penalise small businesses employing local people and that elevate and provide services for local communities.”
He added: “We have survived a major fire, Covid, the credit crunch, the cost of living crisis and austerity. It is a resilient, successful business, and the Chancellor’s Budget has put that and a team of 30-plus at risk.”
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