Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2024 04 16T063257Z 2 LYNXNPEK3F060 RTROPTP 4 SUPERDRY MANAGEMENT scaled - Business Express

Superdry plans to go private as it kicks off three-year turnaround plan

Superdry plans to go private as it kicks off three-year turnaround plan

(Reuters) -British fashion chain Superdry announced a three-year restructuring plan on Tuesday and said a fund raising backed by its CEO and co-founder Julian Dunkerton would allow the company to delist from the London Stock Exchange.

The maker of jackets and clothing inspired by American vintage styles and Japanese graphics has been struggling with weak demand and a cash crunch.

Trading in the company’s shares was briefly halted after a sharp fall early on Tuesday. They were last down by a third to a new low of 5.33 pence.

Superdry’s restructuring plan would result in material cash savings from rent reductions at some of its stores, and extend the maturity of loans made under the group’s debt facility agreements, it said.

The company said trading conditions remain challenging.

An equity raise, fully underwritten by Dunkerton, consists of two options – an open offer to raise the sterling-equivalent of 8 million euros ($8.49 million), or a placing to raise gross proceeds of 10 million pounds.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

The restructuring plan is dependent on the successful completion of the equity raise, which requires shareholder approval. Superdry said that it would have to enter administration if the plan was not implemented.

Dunkerton, who is also the company’s top shareholder, last month said he will not be making an offer for the shares of the company that he already does not own.

($1 = 0.9427 euros)

($1 = 0.8050 pounds)

(Reporting by Eva Mathews and Anchal Rana in Bengaluru; Editing by Subhranshu Sahu, Kirsten Donovan)


Recent Post: