A fast‑fashion retailer with more than 40 stores and around 1,000 employees across Britain, is seeking urgent funding after a weak Christmas trading period placed fresh strain on the business.
Quiz has already closed 23 branches over the past year as it attempts to stabilise its finances.
The Scottish‑founded brand has been squeezed by fierce competition from ultra‑low‑cost online rivals Shein and Temu, which have rapidly expanded their presence in the UK market.
Once seen as a potential challenger to Boohoo, Quiz has struggled to maintain market share while facing rising costs and declining high‑street footfall.
Sources said several turnaround funds have approached the retailer in recent weeks to discuss potential investment.
The Ramzan family, which founded the business in Glasgow in 1993, is understood to be assessing a range of options to prevent the company from collapsing.
Tarak Ramzan opened the first Quiz store more than three decades ago, laying the foundations for its nationwide expansion.
The family is considering appointing external advisers to review possible rescue plans, which could include securing fresh financing and closing additional stores if necessary.
The chain is desperately trying to secure a rescue deal
|
GETTY
Last year, Quiz shut 23 outlets before the family repurchased the remaining assets through a pre‑pack deal.
Since then, multiple turnaround specialists have expressed interest in injecting new capital into the business.
Quiz could become the latest retailer to run into serious difficulty on Britain’s high streets.
Original Factory Store and Claire’s Accessories both entered administration recently, resulting in around 2,500 job losses.
Quiz shut 23 outlets before the family repurchased the remaining assets
|
Quiz
A spokesperson confirmed that shareholders are reviewing internal and external options to support the business.
“The business has experienced volatile trading in the last twelve months. While sales were stronger than anticipated in the summer, they were disappointing during the critical Christmas period,” they said.
The company cited shifting consumer behaviour, disruption caused by the Government’s Budget announcement during the Black Friday period, and rising costs linked to business rates, the national living wage and national insurance.
“Changing consumer habits, Government Budget disruption around peak Black Friday trade, cost pressures… have proved challenging as widely reported across the retail sector,” the spokesperson added.
Quiz’s difficulties come amid wider strain across the industry
|
PARussell and Bromley is facing the potential closure of 32 of its 35 stores following a deal with Next, while LK Bennett entered administration earlier this month.
Retailers are bracing for further pressure from April, when a Covid‑era 40 per cent business‑rates discount for hospitality, leisure and retail firms will be withdrawn. New property valuations are also expected to push bills higher.
Political reaction to the wave of closures has been divided. Shadow Chancellor Sir Mel Stride accused the Government of “costing Britain jobs” through a “tax‑and‑spend agenda”.
Chancellor Rachel Reeves offered a contrasting view at the World Economic Forum in Davos, saying businesses were “feeling positive” and that the Government had “the right plan… to bring growth and prosperity”.
Quiz has not indicated when a decision on funding or restructuring will be made.
The company said discussions with potential backers remain ongoing as it seeks to secure its future amid continued uncertainty on the high street.