Superdry has secured crucial support from shareholders and creditors for its restructuring plan, marking a significant step in its recovery.
- Shareholders approved a £10m equity raise and the company’s delisting from the London Stock Exchange.
- Creditors backed the plan, allowing for rent reductions across numerous UK stores, part of a broader restructuring strategy.
- CEO Julian Dunkerton expressed gratitude for the support, emphasizing the importance of these developments.
- The High Court’s impending review is the final hurdle to solidifying these changes.
Superdry has successfully gained the approval of its shareholders for a pivotal restructuring strategy, underscoring the importance of strategic financial maneuvers in challenging times. Central to this plan is a £10 million equity raise, crucial for providing the company with the liquidity needed to navigate its turnaround plan effectively. This move has been underwritten by founder and CEO Julian Dunkerton, showcasing a strong vote of confidence in the company’s future from its leadership.
In conjunction with the equity raise, the approval includes a delisting from the London Stock Exchange. This strategic shift is positioned to offer the company greater flexibility as it strives to stabilize and grow amidst current market challenges. The decision reflects a proactive approach to restructuring, indicating a keen awareness of the evolving business landscape and the need for adaptable strategies.
Superdry’s creditors have also confirmed their support earlier this week, highlighting confidence in the company’s proposed path forward. Part of this restructuring involves substantial rent reductions on 38 of its 94 UK stores, with 14 stores transitioning to a nil rent model. This element of the plan is designed to alleviate financial pressure, making it a critical component of the company’s recovery efforts.
Reflecting on these developments, CEO Julian Dunkerton remarked, “I am extremely grateful for the support shown today from our shareholders, and earlier this week from our creditors. This is a crucial next step in our journey. With the court hearing next week, I continue to look forward to a positive future for Superdry.” His optimism is indicative of the strategic underpinnings aimed at not only stabilizing the company but also setting the stage for future growth.
The chairman of Superdry, Peter Sjölander, has also expressed his satisfaction, stating that the support from shareholders represents a vital step towards executing the restructuring and setting the company on a path to recovery and growth. This sentiment encapsulates the collective forward-thinking and resilience of Superdry’s leadership during this transformative period.
The forthcoming High Court review will be pivotal in finalizing Superdry’s restructuring efforts.
