Superdry’s restructuring plan has received overwhelming support from its creditors.
- A vote saw 99% of creditors support rent reductions and an equity raise.
- CEO Julian Dunkerton is set to contribute up to £10m through an equity raise.
- Shareholders are due to vote on delisting the company from the stock market.
- The High Court will review the restructuring plan pending shareholder approval.
In a significant move towards financial stability, Superdry’s creditors have overwhelmingly approved a proposed restructuring plan. The vote, conducted on 10 June, revealed that 99% of creditors supported the plan, which aims to address key financial challenges faced by the retailer.
Among the notable measures in the restructuring plan is a reduction in rent for under-performing stores. This strategy is designed to alleviate financial burdens and improve the profitability of affected outlets.
A further highlight of the plan is an anticipated equity raise, with CEO Julian Dunkerton committing to contribute up to £10 million. This investment reflects a strong commitment from the leadership to restore the company’s financial health.
The restructuring plan also includes a proposal to delist Superdry from the stock market, a decision pending a shareholders’ vote at an extraordinary general meeting on 14 June. This move is considered pivotal for the future strategic direction of the company.
Following shareholder approval, Superdry intends to seek High Court sanction of the plan on 17 June. Gavin Maher from Teneo has highlighted the creditor’s support as a crucial milestone for the company.
The creditor-backed restructuring plan marks a critical step forward in securing Superdry’s financial future.
