Quickflix scrambles to get house in order with review
STREAMING video service Quickflix has launched a major review aimed at reviving its struggling business.
The company’s shares have been suspended from trade while it undertakes a restructure – expected to take at least a month – to remove costs and secure new funds.
Subscriber numbers fell 12 per cent in the three months to June as new competitors, most notably Netflix, entered the Australian media market.
A partnership deal between Quickflix and Presto recently fell through, and a deal to buy a Chinese film and TV company also failed to eventuate.
Quickflix shares last traded at 0.1 cents.