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A UK high street fashion chain has crashed into administration, with all 40 of its stores now facing potential closure. The full extent of the financial crisis at Glasgow-founded Quiz Clothing has been revealed in newly published administrators' reports, as the countdown begins to a decision on the future of the business.

The companies behind the retailer - Orion Retail Limited, Tarak International Limited and Zandra Systems Limited - entered administration in February and are now under the control of Interpath. The chain, which has traded for 33 years, operates 40 stores across the UK and seven concessions in Ireland, employing around 565 staff. All locations are now at risk if a rescue deal cannot be secured.

At the point of administration, 109 redundancies had already been made across the company's Glasgow head office and its distribution centre in Bellshill, reported the Herald.

The administrators' report into Orion Retail Limited shows how liabilities significantly outweighed assets in the months leading up to the collapse.

As of December, sums owed to connected parties stood at £15.4m, with a further £6.1m owed to trade creditors. These debts outweighed assets including £13.5m in debtor balances - understood to be sums owed by other group entities - and stock valued at £6.7m.

A separate report into Tarak International Limited, which operated the group's website and overseas concessions, paints a similar picture.

It shows £11.1m in debtors and £1.4m in stock, set against £9.5m owed to connected parties and £3.7m to trade creditors.

Administrators also warned that no buyer has yet come forward to save the business.

They said: "We presently anticipate the administration trading period could last until mid-May 2026.

"Albeit, and with support from Hilco, trading performance is being monitored on a daily basis and paring back of operations will be implemented as it is considered necessary over the coming weeks.

"During the period immediately following our appointment - with news of the appointment having received local and national media coverage - we liaised with several parties who had expressed an interest in the company's business and assets.

"To date, no offers have been received for the company's business on a going concern basis."

Despite early expressions of interest, the lack of a firm offer leaves the retailer's entire estate under threat, with hundreds of jobs hanging in the balance.