Shareholders back Superdry’s rescue plans

Struggling retailer Superdry has won the backing of its shareholders for its restructuring plan.

The Cheltenham company is looking to exit  the Stock Market and raise £10m from its shareholders as part of the rescue package.

The company has been hit by a combination of huge debt and falling demand from its customers.

As part of the restructuring package a number of stores will close and debts are also being written off by landlords.

Following a general meeting on Friday the company said that the £10m equity raise, which is underwritten by chief executive Julian Dunkerton, “provides greater comfort that the company will have sufficient liquidity headroom to implement its turnaround plan.”

The company, which has over 90 stores in the UK, warned in April that it could become insolvent unless it radically restructured the business.

Peter Sjӧlander, Superdry’s chairman, said: “I am pleased that our shareholders have supported the proposed equity raise and would like to thank those shareholders who voted in favour of the proposals before them today.

“This is a crucial step towards delivering the restructuring of the business and ensuring that Superdry is in the best possible shape to complete its recovery and return to growth.”

The retailer listed in London in 2010 in an initial public offering valuing the retailer at £400m.

Since then the value of shares have more than halved in value,

Last week creditors agreed to the details of the restricting plans.

It has also emerged that the chief commercial officer Craig McGregor has parted ways with the company.