Superdry's restructuring plan in "advanced stage"
The Cheltenham-headquartered global fashion retailer Superdry has confirmed that it is in advanced stages of preparing a restructuring plan which it expects to launch in the coming days.
The company's announcement follows media speculation today that the plan will include it impose steep rent cuts on many of its landlords but avoid outright shop closures.
The announcement comes just two weeks after founder and CEO, Julian Dunkerton, called a halt to talks of a take-over of the business.
At the time, the company said that " a takeover offer from Julian Dunkerton for Superdry is unlikely to deliver an outcome for shareholders."
In January, Superdry reported group revenue down 23.5 per cent in the 25 week period to October 28 £219.8 million, impacted by the challenging consumer retail market, unseasonal weather, as well as the underperformance of its wholesale segment, the global fashion retailer said.
The reduced revenue resulted in an adjusted loss before tax of £25.3 million (H1 23: £(13.6)m).
