A major UK fashion retailer could close 40 stores after plunging into administration. Quiz Clothing confirmed its financial collapse back in February 2026, having been founded in 1993 by entrepreneur Tarak Ramzan.

The retailer has fallen into administration with £40million in debt, placing dozens of stores at risk of closure across the country. the firm cited rising tax and business costs and a "disappointing" Christmas shopping season in 2025, which resulted in advisory firm Interpath being appointed administrators.

Interpath was was specifically assigned to Orion Retail Limited, Tarak International Limited and Zandra Systems Limited, which were all trading as Quiz Clothing.

However, a new report has exposed the full extent of Quiz's administration woes, with the retailer having owed more than £40million once proceedings began.

According to GB News, a report showed connecting parties were owed £15.4million in December, with trade creditors of £6.1million outweighed by debtors at £13.5million and stock coming to around £6.7million.

Tarak International Limited, the company that manages Quiz's website and overseas concessionary stores, was found to have debt estimated at £11.1million. This debt was outweighed by total sums owed to connected parties of £9.5million, including trade creditors at £3.7million.

The Zandara report stated: "To the extent the company has been required to meet any fees and costs, we understand that, latterly, these would have been funded via loans provided by the company’s sole secured creditor, Zesta Ventures Limited.

"We understand Zesta Ventures Limited is owed approximately £6million by the group – albeit, we have yet to receive details of its indebtedness at appointment."

In its latest report on March 16, Interpath said: "We presently anticipate the administration trading period could last until mid-May 2026. Albeit, and with support from Hilco, trading performance is being monitored on a daily basis and paring back of operations will be implemented as it is considered necessary over the coming weeks.

"During the period immediately following our appointment – with news of the appointment having received local and national media coverage – we liaised with several parties who had expressed an interest in the company’s business and assets."

Publication of this report comes as the business's 565 members of staff wait to find out whether the remaining 40 stores will remain open. Since the Covid-19 pandemic, store closures have swept Britain amid changing consumer behaviour and a difficult economic environment.

Basingstoke

CastleCourt shopping centre, Belfast

Castleford

Dunfermline

Eastbourne

Metrocentre shopping centre, Gateshead

Braehead shopping centre, Glasgow

Buchanan Galleries shopping centre, Glasgow

Glasgow Fort shopping centre, Glasgow

St Enoch shopping centre, Glasgow

White Rose shopping centre, Leeds

Livingston

Manchester Arndale shopping centre

The Trafford Centre, Arndale

Newtownabbey

Northampton

Portsmouth

Meadowhall shopping centre, Sheffield

Lakeside shopping centre, Thurrock

Warrington