Struggling British fast fashion retailer Quiz Plc has taken the next step in its turnaround efforts.
At a specially called general meeting, the shareholders voted by a large majority to withdraw from the London Stock Exchange, the company announced on Wednesday. The owners of 98.6 percent of the shares agreed to the plan presented shortly before Christmas. The delisting is now scheduled to take place on January 23rd.
The clothing supplier expects the withdrawal from the stock exchange to reduce costs and administrative work as well as greater flexibility in filling management positions. According to current figures, Quiz suffered a 7.6 percent decline in sales in the first half of the current 2024/25 financial year. The net loss increased from 1.2 to 5.8 million British pounds (7.0 million euros). The company had already warned at the beginning of December that it could need additional capital in the first quarter of the new year.