Superdry has taken a decisive step towards securing its future by gaining overwhelming support from its creditors.
- A significant 99% of creditors have voted in favour of Superdry’s proposed restructuring plan, a critical endorsement for the fashion retailer.
- This plan includes crucial measures such as rent reduction for struggling stores and a potential equity raise from the CEO, Julian Dunkerton.
- Shareholders are set to vote on these pivotal changes, including the firm’s delisting from the stock market, in an upcoming meeting.
- The High Court is expected to review the restructuring proposal following these essential votes, marking a busy period for the company.
Superdry has achieved a significant milestone as 99% of its creditors have shown support for the company’s restructuring plan. This decision aligns with efforts to stabilise the company’s financial health by addressing various operational challenges.
The restructuring plan includes a reduction in rent for under-performing stores, which is a strategic move to reduce costs and improve profitability in the long term. Additionally, Julian Dunkerton, Superdry’s CEO, plans to boost the company’s finances with an equity raise of up to £10 million.
Creditors’ approval comes ahead of a crucial vote by shareholders who will make decisions on the proposed equity raise and the possibility of delisting the company from the stock market at an extraordinary general meeting slated for 14 June.
Once the shareholders’ vote is concluded, Superdry will seek the High Court’s approval to finalise the restructuring plan, with a hearing set for 17 June. This shows the proactive steps being taken by the management to safeguard the company’s future.
In recent developments related to the company’s leadership, it has been disclosed that Craig McGregor, the chief commercial officer, is set to resign from his position. This transition comes at a pivotal time for the company.
Superdry’s restructuring plan has garnered strong backing, paving the way for significant operational changes.
