Superdry’s restructuring plan has navigated key financial and legal hurdles.
- The plan involves rent reductions across 38 of Superdry’s 94 UK outlets.
- A significant 99% of creditors approved the comprehensive measures proposed.
- Shareholders consented to a £10 million equity injection, underpinned by Superdry’s CEO.
- Court approval paves the way for a delisting from the London Stock Exchange.
In a decisive series of events, Superdry’s restructuring plan has successfully progressed through crucial financial and legal stages, receiving approval from both creditors and shareholders. This strategic move signals a pivotal moment for the fashion retailer as it seeks to strengthen its financial foundation.
Superdry initially revealed its restructuring plan in April, which includes rent reductions for 38 out of its 94 UK stores. Notably, 14 stores will transition to a nil rent arrangement, a move designed to alleviate financial pressures and enhance operational efficiency.
The plan received overwhelming support from creditors, with a remarkable 99% voting in favour during the meeting held on 11 June. Such robust backing underscores the confidence that stakeholders place in Superdry’s planned measures to stabilise the business.
On 14 June, Superdry’s shareholders contributed their approval for a £10 million equity raising initiative. This financial strategy is fully endorsed and underwritten by Julian Dunkerton, the company’s founder and CEO, reflecting a solid commitment to the firm’s future.
With the latest court endorsement, Superdry’s restructuring measures are now set to be implemented. The company’s shares are scheduled to cease trading on the Stock Exchange by 12 July, with the equity placing expected to conclude by 15 July. This transition marks a strategic evolution in Superdry’s operational approach.
Superdry’s court-approved restructuring plan is a critical milestone towards its sustainable growth and financial stability.
