Quiz PLC (LON:QUIZ) has announced that its standalone stores division Kast has been placed into administration.
The fashion retailer agreed to acquire the 82 stores located in the UK and the Republic of Ireland from the administrator for £1.3mln, though the subsidiary had gross assets of £39.6mln as of September.
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The three Spain sites will no longer receive support from the wider group, while only 822 of Kast’s 915 employees will be transferred.
Leases for the majority of these stores will be renegotiated over next month.
The AIM-listed firm, which had long been struggling with lower sales, took a hard hit during the coronavirus outbreak as shops closed and customers returned their occasionwear.
Shares shot up 26% to 8.5p early on Wednesday.