UK's Superdry unveils restructuring plan, equity raise (updated)
16/04/2024 07:27
(Adds details in paragraph 3 & 4)
April 16 (Reuters) - British fashion chain Superdry
SDRY.L launched a restructuring plan on Tuesday that would
result in rent reductions for some of its stores, while
announcing an equity raise which it said would allow it to
delist from the London Stock Exchange.
The maker of jackets and clothing inspired by American
vintage styles and Japanese graphics has been struggling due to
tough consumer retail market conditions and weak wholesale
orders, prompting it to work on a turnaround plan.
The equity raise, fully underwritten by Superdry CEO and
co-founder Julian Dunkerton, will "allow the company to benefit
from significant cost-savings associated with being listed," the
company said in a statement.
The restructuring plan also involves the extension of the
maturity date of loans made under the group's debt facility
agreements and material cash savings from rent and business rate
compromises over the three-year period of the plan.
(Reporting by Eva Mathews and Anchal Rana in Bengaluru; Editing
by Subhranshu Sahu)