Glasgow retailer Quiz Clothing says its decision to call in administrators and close 23 stores will put the business on a more sustainable footing.

Quiz, which is chaired by the former JD Sports chief Peter Cowgill, has appointed Teneo to Zandra Retail, which operates Quiz’s standalone stores in the UK and Ireland.

The move will see 200 staff laid off, while protecting the majority of employees. It confirms recent speculation and comes after the company quit the stock market and reverted to private ownership.

The transaction is expected to be structured as a pre-pack administration, with the remaining assets being acquired by Orion Retail, a subsidiary of the company controlled by the founding Ramzan family.

Orion will hold the right to trade from 42 outlets previously occupied by Zandra.

Quiz’s online business, concessions and international operations are operated by other parts of the group and are unaffected by the announcement.

Sheraz Ramzan, CEO of Quiz, said in a statement: “The board took the difficult decision to appoint administrators to Zandra Retail Limited in light of the continuing challenging trading conditions impacting the Group’s performance.

“We are deeply sorry to those affected by the store closures, including our retail colleagues.

“However, this decision will put the business in a more sustainable footing for the future and protect several hundred jobs as a result.”

Quiz’s main lender, HSBC, had recently hired restructuring experts at Interpath to advise it.