Creditors of Superdry have overwhelmingly voted in favour of a comprehensive restructuring plan, marking a significant step in the company’s turnaround strategy.
- The plan received a 99% approval from creditors, encompassing rent reductions and an equity infusion.
- CEO Julian Dunkerton is set to contribute up to £10m through an equity raise as part of the plan.
- The proposed measures include delisting from the stock market, pending shareholder approval.
- An extraordinary general meeting will be held to finalise certain resolutions.
Superdry has secured a crucial endorsement from its creditors, as 99% of those who voted supported the company’s restructuring plan. This plan entails significant measures such as reducing rent on stores that are underperforming and raising equity. This demonstrates a robust backing from creditors, including landlords and local councils, indicating their confidence in Superdry’s proposed strategy.
Central to the restructuring is an equity injection of up to £10 million from CEO Julian Dunkerton. This infusion is designed to bolster the company’s financial position and signal strong leadership support. The proposal reflects a considerable personal investment from its CEO, underscoring commitment to the brand’s resurgence.
Additionally, the restructuring plan involves delisting Superdry from the stock market, a decision that awaits shareholder endorsement. The implications of this move could mean greater flexibility in managing the company’s long-term strategy away from the pressures of public market scrutiny.
For further legal endorsement of the restructuring plan, an extraordinary general meeting is scheduled for 14 June, where shareholders will deliberate on the equity raise and delisting proposals. If ratified, Superdry plans to seek formal approval from the High Court on 17 June.
The departure of chief commercial officer Craig McGregor, as recently reported, adds another layer to the evolving landscape of Superdry’s leadership amid these pivotal changes.
The restructuring plan’s approval marks a pivotal moment in Superdry’s strategy to revive its market standing amidst substantial organisational changes.
