Fast fashion chain Quiz is finalizing a rescue plan that could see the struggling retailer abandon up to a third of its stores nationwide.

The big move was led by the founders, the Ramzan family, as the women's clothing retailer's time on the stock market ended in disgrace, resulting in huge losses for many shareholders.

Any closure could result in hundreds of job losses, adding to the sense of gloom hanging over the high street. Quiz has about 60 locations and about 1,500 employees.

The company, led by former JD Sports Fashion boss Peter Cowgill, has tasked restructuring experts at consultancy Teneo to draw up a comprehensive list of options to revive its fortunes.

The family, led by Sheraz Ramzan, who was brought in as chief executive in March last year, is said to be keen on getting rid of the chain's worst-performing stores to cut costs and arrest its decline.

It is understood that pre-pack administration and company voluntary arrangements (CVA) are both being considered as ways to enforce closures, which may be unpopular with landlords.

"Nothing is ruled out," one source said ahead of a decision expected in the coming weeks.

Quiz made a series of announcements to long-suffering investors in the run-up to Christmas as its financial problems spiraled out of control, leaving it in dire straits.

First, the company revealed it was running out of cash due to falling in-store and online sales, and then weeks later it unveiled plans to delist from the London Stock Exchange and take it private.

The move caps a miserable few years for the public company.

Shares in Quiz started trading at 161p on the AIM Junior Market in 2017, earning its founders more than £90m, but after a number of setbacks its share price fell in less than two years It fell to less than 20p. They currently change hands for less than a penny.

This summer, with liquidity threatening to dry up, bosses sought a £1m emergency loan from Sheraz's father, Tarak, who opened a Quiz store in Glasgow in 1993. At the time, the retailer said its liquidity was just £1m. It is understood that HSBC provided £2.3 million, £400,000 in cash and £1.9 million in undrawn bank facilities.

HSBC is urgently seeking alternative sources of funding as part of any turnaround plan as it is seen as reluctant to continue funding the business. Any new loans are expected to be more punitive than existing borrowings.

Quiz lost almost £7m last year, a sharp swing from its profit of £2.3m the year before.

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