Future of Quiz clothing in Rivergate Shopping Centre at risk

It comes as news broke that fashion retailer Quiz Clothing is on the verge of collapsing into administration.

The business had been working urgently to secure its future in recent weeks, having warned it might run out of cash early this year.

It is now understood that the company will make the move and appoint financial services firm Teneo as administrator by the end of next week - according to Sky News.

Quiz, which was founded in Scotland more than 30 years ago, currently operate 62 stores and 47 concessions across the UK - including their branch within the Irvine shopping mall.

It is believed that the impending administration would involve a major restructuring process which would shutter stores and cut jobs - putting the town's shop at risk.

It follows reports last week the retailer is preparing to close up to a third of its stores to help slash costs.

The company has looked towards a restructuring process after struggling with efforts to strike a solvent sale deal.

Last week, Quiz dropped its listing on London’s AIM stock market in order to save itself cash.

Quiz said sales had been “disappointing” in the Christmas trading period and that its cash reserves are “less than previously anticipated”.

It said the poor trading was partly because of the “impact of inflationary pressures on consumer confidence and spending”.

Quiz has so far declined to comment on the situation.