Struggling Superdry takes on extra debt
Struggling fashion chain Superdry has taken on an extra £25m worth of funding.
The Cheltenham company, which was founded by entrepreneur Julian Dunkerton, has agreed a deal with lenders Hilco.
The business has acquired the cash on top of the existing £80m loan it has received from Bantry Bay Capital.
The £25m deal with Hilco is for a 12-month term with the option to extend if necessary.
Superdry said the extra funding would help accelerate its turnaround plan and £35m cost cutting scheme which was announced in April.
The news comes as eight Superdry franchise stores have closed or are set to close.
The company recently appointed a new chief operating officer.
Shaun Packe, who currently serves as the company’s Global Sourcing and Sustainability Director, joined Superdry’s executive team in 2019.
With over 25 years of experience in the retail apparel sector, including six years with George at Asda, Packe has been a key figure at Superdry since 2011.
Shaun Packe’s promotion follows the departure of Silvana Bonello, the former chief operating officer, as part of the company’s turnaround strategy to secure fresh funding.
