Updated January 27th, 2024 at 14:58 IST
Superdry considers restructuring with potential store closures, job cuts
The fashion retailer disclosed a wider half-yearly loss on Friday, citing unusual weather patterns affecting sales amidst an ongoing cost-of-living crisis.
British fashion retailer Superdry is reportedly considering a major restructuring strategy that may involve the closure of a substantial number of stores and potential job cuts, according to Sky News.
While Superdry has not provided an official comment on the matter, sources suggest that the company, along with its advisers at PricewaterhouseCoopers (PwC), is initiating plans that could lead to a company voluntary arrangement (CVA) or a broader restructuring plan.
The proposed restructuring might target underperforming stores, potentially impacting employment levels. However, specific details regarding the extent of potential job cuts or store closures remain undisclosed. Superdry recently announced the departure of its Chief Financial Officer, Shaun Wills, at the end of March, appointing Giles David as the interim CFO, effective January 29.
The fashion retailer disclosed a wider half-yearly loss on Friday, citing unusual weather patterns affecting sales amidst an ongoing cost-of-living crisis. Superdry's exploration of restructuring options reflects the challenges faced by retailers in adapting to evolving market conditions and consumer behaviours.
(With Reuters inputs)
Published January 27th, 2024 at 14:58 IST
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