Australian video-on-demand service Quickflix has announced it will extend its trading halt pending a potential deal with an overseas buyer.

Quickflix, which recently jumped into bed with Foxtel’s streaming service Presto, has been struggling to retain customers in the competitive streaming market. The arrival of Netflix into the streaming market has left Quickflix floundering.

In its request to the Australian Securities Exchange (ASX), Quickflix said it’s expecting the voluntary suspension will be lifted before or on Wednesday, 5th August.

The halt follows Quickflix’s latest quarterly report which revealed subscribers have declined on both a quarterly and yearly basis.