Superdry’s survival plan sees landlords face lease cuts


Superdry is about to publish a proper restructuring plan to avoid wasting the struggling retailer from collapse. The blueprint foresees steep lease cuts at numerous its 94 retailers on British soil.

In January, the retail enterprise stated it was taking a look at numerous “cost-saving choices” after stories it was contemplating a significant restructuring which may embrace retailer closures and job cuts. The enterprise, which employs round 3,350 employees globally, runs 216 retailers alongside franchised shops.

The troubled retailer’s new restructuring plan could come as quickly as Tuesday, in line with Sky Information.

Although lease cuts lay on the horizon, the brand new ways keep away from store closures. The dimensions of the proposed lease cuts might be decided by every retailer’s monetary efficiency, Metropolis sources stated. Superdry’s suppliers, nonetheless, are usually not anticipated to face vital cuts within the restructuring proposal.

Earlier this yr, the enterprise revealed talks between Dunkerton and US investor suitors over a attainable takeover deal.

Final month, it was introduced that Co-founder and CEO Julian Dunkerton – who owns 30% of Superdry – wouldn’t lead a takeover of the troubled style model, inflicting shares to tumble by almost 50%.

Shares plunged to lows of round 13p per share, in an indication that shareholders had been unimpressed by the takeover talks being deserted.

Superdry stated takeover talks ended “in respect of other buildings, together with a attainable fairness increase totally underwritten by Julian Dunkerton, which would supply extra liquidity headroom for the corporate’s turnaround plan”.

“It’s anticipated that any fairness increase can be at a really materials low cost to the present share worth.”

Superdry additionally just lately confirmed that it had agreed on an extension and enhance to a lending facility from Hilco Capital.

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