Superdry’s restructuring plan has gained crucial backing from shareholders.
- Shareholders supported a £10m equity raise underwritten by CEO Julian Dunkerton.
- Superdry announced a delisting from the London Stock Exchange after the vote.
- Creditors’ prior approval includes rent reductions for several UK stores.
- A High Court hearing has been scheduled to finalise the restructuring plan.
Superdry’s restructuring strategy received vital support from its shareholders as they voted in favour of a proposed £10 million equity raise, underwritten by the company’s founder and CEO, Julian Dunkerton. This financial move aims to secure greater liquidity for Superdry, which is pivotal in implementing its turnaround plan, particularly against the backdrop of only £6.9 million from an open offer which would involve broader shareholder participation.
Another major decision in the shareholders’ assembly was the delisting of Superdry from the London Stock Exchange. This decision aligns with the strategic financial restructuring, reflecting the company’s bid to streamline operations and focus on its recovery and growth outside the public market pressures.
Before the shareholder vote, Superdry’s creditors had approved the restructuring plan earlier this week, which included cost-saving measures such as rent reductions on 38 out of its 94 UK stores, with 14 stores benefiting from a shift to nil rent.
The company is now preparing for a High Court hearing scheduled for 17 and 18 June to seek the court’s sanction on the restructuring plan. CEO Julian Dunkerton expressed gratitude towards shareholders and creditors, acknowledging their support as a critical step in the company’s journey towards a positive future.
Peter Sjölander, Superdry’s chairman, expressed his satisfaction with shareholders’ backing, noting it as a significant advancement in Superdry’s restructuring efforts. He highlighted the equity raise as an essential component in positioning the company for recovery and eventual growth.
The support from shareholders and creditors marks a pivotal moment in Superdry’s path to recovery and growth.
