Led by the founding Ramzan family, fast-fashion chain, Quiz is finalizing plans to close up to a third of its stores in the UK as part of a major restructuring effort.

This move is expected to result in significant losses for many shareholders, with hundreds of job cuts across its 60 outlets, which currently employ around 1,500 people.

Peter Cowgill, Former Chairman, JD Sports Fashion and Chairman, Quiz, has enlisted restructuring experts from Teneo to explore options for revitalizing the business. Led by Sheraz Ramzan, the Ramzan family plans to shut down the retailer's worst-performing stores to reduce costs and halt its financial decline.

Quiz’s troubles accelerated in the weeks leading up to Christmas when it revealed worsening financial issues. The company disclosed that it was on the verge of running out of cash due to a significant decline in sales, both online and in stores. Subsequently, Quiz announced its plan to de-list from the London Stock Exchange and go private, ending a tumultuous few years as a publicly traded company.

Quiz’s shares had fallen dramatically since its 2017 IPO, where they initially traded at 161p, raising over £90 million for the founders. In less than two years, the stock had plummeted to under 20p, and it’s now trading for less than a penny. The company is urgently seeking new financing after securing a £1 million emergency loan from Sheraz’s father, Tarak Ramzan, but struggles to secure further funding, particularly from HSBC, which appears reluctant to continue supporting the business.

Last year, Quiz recorded nearly £7 million in losses, a stark contrast to the £2.3 million profit it made the previous year.