Quiz store closures loom on the horizon as it finalises rescue plans

Quiz, a cornerstone of the British high street, is finalising rescue plans that could see it close a third of its UK stores. This follows the retailer's warning that it was set to run out of funds in early 2025.

The rescue plans, which are likely to trigger hundreds of job losses, are led but Quiz’s founders, the Ramzan family, according to The Telegraph.

This comes as the womenswear retailer is set to delist from the stock market this week. 98% of shareholders voted to delist and re-register as a private limited company earlier this month. Quiz's shares will cease trading at 7:00 on 23 January. On 27 January, it will formally re-register as a private limited company.

Potential store closures compound the sense of doom on the high street as many British retailers prepare for looming hikes to employers' national insurance imposed by the Government. Quiz currently operates 62 UK stores and 47 concessions and employs approximately 1,500 people.

Quiz has tasked restructuring experts Teneo to revive its fortunes. According to sources, it’s keen to close the chain’s worst-performing stores with the hope of slashing costs.

Both a pre-pack administration and a company voluntary arrangement (CVA) are also under consideration.

Quiz's financial status began to unravel in December when the retailer warned could need urgent funding following poor sales. It said a year-on-year slump in-store traffic in November led to a "significant reduction in revenues", which were "only modestly" offset by spending over the Black Friday weekend.

In its latest update published 27 December, Quiz revealed its pre-tax losses had risen significantly, from £1.5 million to £4.7 million, for the six months ending 30 September. Sales dropped 7.5% to £39.1 million, due to a "marked decline in traffic both online and in-store" last month.