Superdry closing eight franchised stores
Superdry is in the process of closing eight of its stores operated by its franchise partner Aldrich Group, the holding company of designer chain Robert Goddard.
Since May, the clothing retailer has closed its stores in Ipswich, Luton, Telford, and Lincoln and Stoke-on-Trent.
The three remaining closures are planned for later this year, with one in Bury St Edmunds, and the others in undisclosed locations.
Superdry’s franchise partnership started in 2017 under the name of AG Super, following a long-standing wholesale relationship with Aldrich Group.
The retailer said that the decision to close its franchised stores was unrelated to cost-cutting measures it had announced earlier in the year.
A spokesperson for Superdry said: “We can confirm that eight stores operated by our franchisee under licence from Superdry, are in the process of closing. The majority of Superdry’s stores in the UK are operated directly by Superdry and there are no plans to close any of them at the present time.”
Superdry called in advisers in March after multiple profit warnings, and withdrew its profit guidance for its 2023 financial year in April after a period of slower-than-anticipated growth.