We are pleased to be able to share some positive news this week, after what has undoubtedly been a difficult time for Superdry, our employees and stakeholders.
As with many retail brands, Superdry has been operating against a backdrop of unprecedented challenges over the past few years, leading to a series of measures undertaken to stabilise the business, and lay the foundations for Superdry's 'next chapter'. In April 2024, we announced our intention to initiate a formal Restructuring Plan across our UK store estate, alongside a stock market delisting and equity raise.
At Superdry's General Meeting on Friday 14th June, our shareholders approved all the resolutions put to them, including an equity raise of £10m underwritten by our CEO, Julian Dunkerton, and the delisting from the London Stock Exchange. Our Restructuring Plan was also legally sanctioned at a UK High Court hearing on Monday 17th June, receiving overwhelming support from our landlords and creditors.
Approval of these inter-conditional measures allows us to move forward with an injection of capital and a clear target operating model, ensuring that Superdry is in the best possible position to execute our recovery plan and return to profitable growth.
These recent events are critical to Superdry's long-term future, and we are incredibly grateful to all our creditors, shareholders, suppliers, partners and loyal customers for their continued support and commitment to our brand.
Commenting on the result of the RP Sanction Hearing, our Chairman, Peter Sjӧlander, said:
“This is an important moment for Superdry. My thanks and those of the entire Board go to the shareholders and creditors of Superdry who have supported the proposals, which will enable the business to go forward with the right structure, balance sheet and cost base to deliver its turnaround and future growth.”
Our Founder and CEO, Julian Dunkerton, echoed this sentiment:
“I am very pleased that our creditors and shareholders have voted overwhelmingly in favour of backing our Restructuring Plans, including the delisting and equity raise. I would like to thank them for their support. I am acutely aware that Superdry's turnaround plan requires compromises on their part, and appreciate them taking the time to engage with the process and listen to our proposals to get the business back on track."
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