Struggling British fast fashion retailer Quiz Plc is reportedly considering closing up to a third of its stores as the company continues to look for ways to cut costs.
As the British newspaper The Telegraph reports, Quiz has commissioned the consulting firm Teneo to examine various options. These include, among other things, a so-called “pre-pack administration” or a “company voluntary arrangement” (CVA). However, according to a media source, “nothing is ruled out” and a decision is expected in the coming weeks.
At the beginning of December 2024 it was announced that Quiz was working with consultants. This came following a sharp decline in sales in the company’s key trading month of November. However, this decline was just another chapter in a series of disappointing financial reports that highlighted the “challenging market conditions” Quiz is currently facing.
At the end of December, the company finally proposed delisting from the London Stock Exchange. A conversion to a private company was seen as more cost-effective and less burdensome than the current structure. Shareholders approved the proposal at a general meeting in January. The de-registration from the exchange is expected to take place on January 23, 2025.
This article previously appeared on Fashionunited.uk and was created using digital tools translated.
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