Quiz, the Scottish-based young fashion chain, has been rescued from administration by a newly formed company called KAST Retail.
The deal saved 44 Quiz stores and 407 jobs but will see four stores in Paisley, Stockport, Liverpool and Birkenhead close.
Tarak Clothing Company, which traded as Quiz, went into administration on Friday because of difficult trading conditions. Its directors, including Tarak Ramzan and Sharaz Ramzan, immediately set up KAST Retail and bought back the majority of the business.
Fraser Gray, partner and head of administrator Zolfo Cooper, said: “The company has been facing difficult trading conditions. We have recently worked with directors to explore alternative strategies and the options available. However, due to the company’s forecast trading position it is clear it would not have been possible to trade during an administration. Faced with limited options, this sale will safeguard the future of the business and its staff and maximise the return to creditors.”