Superdry’s restructuring plan has successfully gained court approval, marking a significant step in its financial turnaround.
- The plan, first introduced in April, includes rent reductions for 38 UK stores and a £10 million equity raise.
- Creditors and shareholders have overwhelmingly supported the measures, with 99% voting in favour of the proposal.
- The restructuring entails delisting from the London Stock Exchange, with the final trading date set for 12 July.
- Superdry Chairman, Peter Sjölander, expressed gratitude to stakeholders, emphasising the plan’s role in future growth.
Superdry has achieved a substantial milestone with the court’s approval of its restructuring plan, indicating a crucial advancement in its ongoing financial recovery efforts. The approval follows considerable backing from both creditors and shareholders, who signaled their agreement in meetings held last week.
Initially presented in April, Superdry’s restructuring measures include significant financial strategies such as reducing rents on 38 out of its 94 UK-based retail locations, with 14 stores transitioning to a nil rent arrangement. These changes aim to alleviate financial burdens and streamline operational costs.
The plan received strong endorsement from creditors on 11 June, with an overwhelming 99% voting in support of the proposed arrangements. This decisive vote of confidence underscores the consensus on the viability and necessity of the financial restructuring to support the company’s turnaround objectives.
Additionally, Superdry’s shareholders have approved a £10 million equity raise, a move fully underwritten by Julian Dunkerton, the company’s founder and CEO. This financial injection is aimed at bolstering the company’s balance sheet, facilitating a more robust financial footing.
Integral to the restructuring strategy is Superdry’s decision to delist from the London Stock Exchange, effectively ceasing trading of its shares on 12 July. This step is designed to redirect focus towards internal growth initiatives without the pressures of public market fluctuations.
Peter Sjölander, Superdry’s Chairman, acknowledged the pivotal support from stakeholders, stating their backing is vital for implementing a structure capable of fostering sustainable growth and stabilising the company’s financial future.
The court’s approval of Superdry’s restructuring plan marks a pivotal moment in the company’s strategic efforts to realign its financial operations for sustainable growth.
