As it prepares to become a private company again as part of its recovery plan, fashion chain Quiz could also shut a raft of stores.

A Telegraph report suggested that a third of its stores might be slated for closure. It currently has around 60 stores and employs 1,500 people.

The New Year is always a time for companies to unveil store closure, company voluntary arrangement (CVA) — or even administration filing — plans as they digest the problems created by a less-than-stellar Golden Quarter.

Quiz, which is chaired by ex-JD Sports leader Peter Cowgill and is being taken private by its founding Ramzan family, last month reported “a marked decline in traffic both online and in-store” in November. We haven’t heard how December went for the business.

The newspaper said it’s working with restructuring specialists at consultancy Teneo, which is drawing up a list of recovery options.

CEO Sherez Ramzan is reportedly “keen to ditch the chain’s worst-performing stores” in order to cut costs. A CVA is also believed to be under consideration, a move that could ease the company’s store closure path.

A source told the Telegraph that “nothing is being ruled out”.

Quiz shares first started trading on the London Stock Exchange at 161p in 2017 but quickly fell to 20p and have dropped further to less than 1p each.

The company faced a cash crunch last year and sought a £1 million loan from its founder Tarak Ramzan (father of its CEO).