Superdry’s restructuring plan has received overwhelming support from creditors, marking a crucial step forward for the fashion retailer.
- A decisive 99% of Superdry’s creditors, including landlords and local councils, have voted in favor of the company’s restructuring measures.
- The restructuring plan encompasses rent reductions for under-performing stores and an equity raise of up to £10 million from CEO Julian Dunkerton.
- Superdry proposes delisting from the stock market, subject to shareholders’ approval in an upcoming extraordinary general meeting.
- The High Court is set to hear the sanctioning of the restructuring plan, following successful shareholder resolutions.
The fashion retailer Superdry has reached a pivotal stage in its restructuring initiative, securing the approval of 99% of its creditors, which notably include landlords and local councils. This agreement signals solid creditor support for the measures aimed at reviving Superdry’s financial health. The plan focuses on substantial strategic changes, primarily rent reductions on stores that are not meeting performance expectations.
Key elements of the restructuring involve not only operational adjustments but significant financial maneuvers. Included in the plan is a proposal for CEO Julian Dunkerton to raise equity amounting to up to £10 million. This financial injection is seen as a critical boost for stabilizing the company’s finances and facilitating its transition away from the public market.
An extraordinary general meeting (EGM) is scheduled for shareholders to deliberate on two pivotal resolutions: an equity raise and the company’s delisting from the stock exchange. These steps are anticipated to strategically realign Superdry, reducing the pressures associated with its publicly listed status.
Pending shareholder approval, the restructuring plan will be subject to judicial scrutiny. A hearing is set at the High Court for sanctioning the proposal, ensuring all legal prerequisites are observed and applied, thereby reinforcing the restructuring’s credibility and legitimacy.
In a related development, the restructuring plan coincides with internal executive changes, notably the impending departure of Superdry’s chief commercial officer, Craig McGregor, as exclusively reported by Drapers.
Superdry’s restructuring plan is poised to proceed, contingent upon final shareholder and court approvals.
