Superdry’s restructuring plans receive robust shareholder support, indicating confidence in the company’s turnaround strategy.
- Shareholders have approved a £10 million equity raise, underwritten by founder Julian Dunkerton, aimed at enhancing liquidity.
- Creditors have given the green light to rent reductions on 38 of Superdry’s 94 UK stores, strengthening the restructuring plan.
- Upcoming High Court hearing is scheduled to sanction Superdry’s restructuring strategy, marking a significant milestone.
- Leadership at Superdry expresses gratitude, anticipating a positive trajectory for the brand post-restructuring.
In a decisive vote on 14 June, Superdry shareholders have endorsed the company’s plan for a £10 million equity raise. This financial manoeuvre is underwritten by the founder and CEO, Julian Dunkerton, signifying a substantial vote of confidence in the company’s strategic direction.
The directors of Superdry have asserted that the new equity raise offers enhanced liquidity compared to the previous £6.9 million gross proceeds from an open offer. This adjustment is poised to better support the company’s turnaround initiatives and future financial stability.
Earlier this week, Superdry’s creditors approved key aspects of its restructuring plan. This includes significant rent reductions on 38 out of its 94 UK stores, with 14 locations transitioning to a nil rent basis. Such measures are integral to the realignment of Superdry’s operational expenses during its recovery phase.
The approval from both shareholders and creditors sets the stage for Superdry to present its restructuring plan at a scheduled High Court hearing on 17 and 18 June. This hearing is anticipated to sanction the proposed strategies, allowing the company to proceed with its recovery plan.
Julian Dunkerton expressed his heartfelt gratitude for the support received from both shareholders and creditors, highlighting the importance of this step in Superdry’s journey towards a stable and prosperous future. Superdry’s chairman, Peter Sjölander, reiterated this sentiment, acknowledging the critical nature of shareholder approval in the company’s restructuring efforts.
The structured support from both shareholders and creditors underscores a pivotal moment in Superdry’s path towards recovery and growth.
