Quiz seeks new financing after disappointing Christmas sales
Quiz is understood to be trying to secure a rescue deal after disappointing Christmas sales.
The company’s founders, the Ramzan family, are reportedly looking to appoint advisers to consult on range of options as it works to avoid a collapse. Options could include securing new funding and the potential closure of some stores.
Subscribe to TRBA source close to the company told The Sun that Quiz has been approached by various turnaround firms who are looking provide new capital.
Last February, Quiz closed 23 stores that were either loss making or unstable as it bought back remaining assets as part of a pre-pack deal. The company currently operates 40 stores and employs around 1,000 people
Speaking about the latest developments, a Quiz spokesperson told The Sun: “The shareholders are assessing options available to the business from both internal and external sources.”
They added: ”Changing consumer habits, government budget disruption around peak Black Friday trade, cost pressures from business rates and increases in national minimum wage and national insurance have proved challenging as widely reported across the retail sector.”
Quiz was founded in Glasgow in 1993 by Tarak Ramzan.
