With its intention to close more shops, Superdry wants to convince its creditors to approve founder Julian Dunkerton’s restructuring plan. If not, an emergency sale will follow.
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The chain’s struggle for survival continues: in an update on its restructuring plan, the retailer plans to close 25 to 30 shops in Europe, leave the American market altogether and focus more heavily on e-commerce. Founder Dunkerton plans a capital increase of ten million pounds, after which the company would leave the London Stock Exchange.
However, that restructuring plan hinges on approval by shareholders and creditors: if they do not agree, the company will have no choice but to proceed with a so-called “emergency sale”, which would be completed within four weeks, Sky News reports. The vote will follow on 14 June. Superdry currently still has around 600 stores – both owned and franchised – in 48 countries.
