Ailing fashion chain Superdry announces a drastic restructuring: it will cut rents and costs, increase its capital and disappear from the stock exchange.
Capital increase
For several months now, Superdry has been fighting for its survival: the retailer had to swallow a double-digit decline in sales last year and also saw its losses double despite a cost-cutting plan. Now the brand is announcing a major restructuring plan for the next three years. A do or die plan, British media report, as without intervention it may risk going into administration.
The company is renegotiating rents for its shops in the United Kingdom and talking to banks about extending current loans. CEO Julian Dunkerton envisages a capital increase of ten million pounds and is also delisting from the London Stock Exchange, as he had previously announced. These measures still have to be approved by the shareholders’ meeting.
Superdry has around 600 stores – both self-owned and franchised – in 48 countries. In Belgium, the chain has 21 shops, in the Netherlands 18.
