Quiz could close a third of its stores to cut costs
Fashion retailer Quiz could close up to a third of its stores as it looks to cut costs amid a period of decreased performance.
The retailer – which operates from around 60 locations – has appointed restructuring experts from Teneo to explore its options, which include a pre-pack administration or a Company Voluntary Agreement.
This comes after Quiz announced that it would be delisting from the London Stock Exchange and returning to private ownership following a shareholder vote.
At the end of last year, the retailer announced that it was close to running out of cash, with liquidity of £2.3m, including £400,000 worth of cash reserves and £1.9m of undrawn banking facilities.
Despite receiving additional funding of £1m last year, Quiz is now seeking alternative financing after recording a loss of nearly £7m in 2024.
Quiz is expected to make a formal announcement during the next few weeks.