Quiz has launched a review of its financing and strategic options as it warned it could run out of cash in the new year following poor trading.

The fashion retailer said it was working with advisors as it anticipated that additional funding will be “required” by the business during the first quarter of 2025.

Quiz reported that it experienced “a marked decline in traffic both online and in-store” during November, which resulted in sales for the four months to 30 November to drop 5.7% to £24.9m.

Store and concession sales for the brand dropped 9.7% to £12.1m, dragged down by a “significant reduction in revenues” during November, while online revenue dropped 8.1% to £7.9m.

Quiz noted that the “disappointing level” of sales during November meant the cash headroom available to the business is less than previously anticipated. It currently has £1.2m in total liquidity headroom.

As a result, it cautioned that subject to the trading performance during the important pre-and-post-Christmas period, the group’s existing bank facilities could be fully utilised in the first quarter of 2025.

Quiz said: ”Given the decline in the revenues during the key trading month of November and the requirement to improve the liquidity of the business the board is reviewing the group’s financing and strategic options and has engaged advisors to consider appropriate options. A further update to shareholders will be provided as and when appropriate.”

Click here to sign up to Retail Gazette‘s free daily email newsletter