297
Fashion Jobs
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
L'OREAL GROUP
Retail And Education Manager
Permanent · HONG KONG
TORY BURCH
Senior Manager, Retail Training, Asia
Permanent · HONG KONG
Published
Apr 22, 2020
Reading time
2 minutes
Download
Download the article
Print
Text size

Quiz secures extension to banking facilities

Published
Apr 22, 2020

HSBC Bank has agreed to give occasionwear brand Quiz an extension to its banking facilities while it undertakes a review of various potential trading scenarios during the pandemic.


Quiz


The financial arrangement, which had previously been due to expire this Thursday 23 April 2020, has been extended until the end of July.

This includes a £2 million overdraft and a working facility of £1.5 million. In addition to these facilities, Quiz said it had a cash pile of £6 million as of 20 April.

The extension comes on the back of plummeting demand for party dresses, coupled with a loss of store sales due to lockdown restrictions. The Scottish retailer reopened its distribution centre on 14 April to serve online customers after implementing a number of safety measures to protect the health of its workers.

But Quiz’s problems started well before the Covid-19 outbreak. Last year, group revenues grew 12% to £130.8 million, but pre-tax profit plummeted by 97% to just £0.2 million. Its woes continued into the first half of the new financial year, with revenues dropping by 5% and a pre-tax loss of £6.8 million due to expensive shop leases.

Quiz has warned that the year ending 31 March 2020 will be impacted by a “substantial reduction” in traffic in stores and online due to the pandemic.

Further short- and medium-term trading scenarios are being currently reviewed by the board of directors. In the meantime, non-essential spend has been eliminated, capital projects have been postponed and stock intakes have been substantially reduced to preserve the company’s cash position.

"We are taking the actions needed to preserve cash and manage liquidity throughout this unprecedented and challenging period in order to ensure that Quiz remains well positioned to deliver its strategic plans over the longer term,” said CEO Tarak Ramzan.

“We are grateful for the constructive dialogue with and ongoing support of our stakeholders, including colleagues, suppliers and partners as well as our bank, HSBC.”

Copyright © 2024 FashionNetwork.com All rights reserved.