Struggling Superdry set to announce more store closures

Struggling fashion Superdry has suggested it will close more of its 96 UK stores as part of a radical restructuring plan.

The news comes as it also emerged the Cheltenham company will enter into an emergency sales process if shareholders fail to back its restructuring plan later this month.

In the proposal, sent to shareholders, the company announced aims to reduce its “cost-onerous store footprint” over the next year.

The published notice refers to the closure of certain Superdry stores in the UK if the restructuring goes ahead.

Eight shops shut down last year at sites including Ipswich, Luton, and Dundee.

The retailer is seeking rent reductions at around 40% of its 94 UK stores and between 25 and 30 stores across Europe have been earmarked for closure.

The restructuring plan refers to the reduction in the number of personnel associated with these store closures although an exact figure for the expected jobs lost has not  been confirmed.

Founder Julian Dunkerton said that Superdry will invest heavily in improving the brand’s ecommerce offering if his restructuring plan is accepted.

The proposal refers to “the implementation of a new third party e-commerce platform to replace its existing proprietary system, which will enable a revitalised and more efficient e-commerce strategy in the UK and internationally”.