Superdry could close stores after advisers called in
Superdry could close stores as part of restructuring plans, as the retailer confirms it has called advisers in.
The retailer said it is exploring the feasibility of “various material cost saving options”, but added that there is “no certainty” any of these options will be progressed.
This comes as a response to press speculation after it was reported that PricewaterhouseCoopers had been appointed to examine the retailer’s further debt-raising options.
Options being considered by the embattled retailer is a company voluntary arrangement or a restructuring plan, Sky News reports.
Both options would aid the retailer in reducing its liabilities to creditors.
Sky News said that detailed proposals have not yet been worked up, and the future of the retailer’s 3,350 staff and 215+ stores remains in the balance.
In a trading update released just before Christmas, Superdry had blamed milder-than-expected Autumn weather for lower sales. The results had capped off a year in which the retailer had undertaken a number of measures to strengthen its balance sheet.
Superdry already has at least £100m in debt facilities available to it, through partnerships with Hilco and Bantry Bay Capital.
It has previously been speculated that Superdry’s founder, Julian Dunkerton, plans to take the retailer private. In February 2023, Superdry responded to press speculation, with Dunkerton denying that he planned to delist the company.
In March, he then drafted in restructuring firm Interpath Advisory in a bid to reverse the retailer’s fortunes.