The retailer is said to be finalising rescue plans that could see it close as many as a third of its 60 stores across the UK, The Telegraph reported yesterday (19 January).

The publication said alternative sources of financing are being urgently sought to support a potential turnaround plan, with any new loans expected to have more punitive terms than its existing facilities, understood to have been provided by HSBC.

Earlier this month (on 8 January), Quiz shareholders voted overwhelmingly in favour of delisting from London Stock Exchange’s Alternative Investment Market (Aim).

The company’s plan to go private was first announced on 23 December, citing the challenging retail landscape, coupled with “cost, management time and the legal and regulatory burden”.

A week later, Quiz reported a pre-tax loss of £4.7m for the six months to 30 September 2024, against a loss of £1.5m in the same period last year. Revenue during the six months fell 7.6% to £39.1m.

Quiz has been contacted for comment.