Superdry to weigh restructuring including store closures, job cuts - Sky News (updated)
27/01/2024 09:00
(Changes sourcing in headline and first paragraph, adds details
from the Sky News report in paragraphs 3-4, adds background in
paragraphs 5-6)
Jan 27 (Reuters) - British fashion retailer Superdry
SDRY.L is to explore a radical restructuring that could
include substantial numbers of store closures and job cuts, Sky
News reported on Saturday.
Superdry did not immediately respond to a Reuters request
for comment.
The Sky News report said that Superdry and its advisers at
PricewaterhouseCoopers (PwC) are starting work on plans that
could lead to a company voluntary arrangement (CVA) or
restructuring plan.
This could be aimed at closing underperforming shops which
would also have an impact on jobs, however there was little
indication this weekend of how many of the company's staff and
stores might ultimately be affected, the Sky News report added.
The Gloucestershire-based firm said on Friday its Chief
Financial Officer Shaun Wills will step down at the end of
March, naming Giles David as its interim CFO, effective on Jan.
29.
The fashion retailer reported a wider half-yearly loss on
Friday as unusual weather curbed sales amid a cost-of-living
crisis.
(Reporting by Shubhendu Deshmukh and Devika Nair in Bengaluru,
Editing by William Maclean)
((ShubhenduSatish.Deshmukh@thomsonreuters.com;))