Superdry mulls cost-saving options with advisers (updated)
29/01/2024 07:28
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Jan 29 (Reuters) - Struggling British fashion retailer
Superdry SDRY.L said on Monday it is working with advisers to
explore the feasibility of various cost-saving options, as it
grapples with weak demand and a cash crunch.
The statement comes following a Sky News report said the
company would explore a radical restructuring that could include
substantial numbers of store closures and job cuts.
A source familiar with the matter told Reuters last week
that the company is working with advisers at
PricewaterhouseCoopers on cost-saving measures.
On Friday, Superdry said it does not expect market
conditions to improve in the near term after a tough Christmas
season, adding that its finance chief Shaun Wills will step down
at the end of March.
The London-listed firm, whose shares lost over 73% of their
value in 2023, also said on Friday it expects to deliver 40
million pounds ($50.83 million) in savings for this financial
year.
($1 = 0.7869 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Mrigank
Dhaniwala)
((Eva.Mathews@thomsonreuters.com;))