Superdry to announce restructuring plan within days
Struggling fashion firm Superdry has confirmed it is days away from publishing a restructuring plan.
The company has been battling against mounting debts and more recently news that founder Julian Dunkerton has pulled the plug on plans to take the listed company into private hands.
The firm has called in restructuring specialists to look at ways of turning the business around.
According to reports the firm is considering closing shops and cutting staff.
A statement was issued on the Stock Market in response to speculation around the imminent publication of the restructuring plan.
The statement read: “Superdry notes media speculation regarding the possible implementation of a restructuring plan.
“In the company’s announcement on 29 January 2024, it confirmed it was working with advisors to explore the feasibility of various material cost saving options to help position the business for long-term success.
“Today, the company confirms it is in the advanced stages of preparing a restructuring plan which is expected to launch in the coming days.”
The Cheltenham company has been hit by tough consumer retail market conditions and weak wholesale orders.
Superdry issued a profit warning in January and said that it does not expect market conditions to improve in the near term.
Last month, the retailer said it agreed to an extension of six months and an increase of up to £20m to its secondary lending facility with Hilco Capital.
