Superdry has made public its planned delisting from AIM along with a restructuring of the business and a new equity-raising process. This will require it to enter administration or an equivalent insolvency process in order to extricate the business from unaffordable shop leases and to be able to negotiate new rents for the 39 UK sites it wishes to retain.
In a statement to the stock exchange, Superdry said that the plan is reliant on the extension of the maturity dates of loans with Bantry Bay and Hilco, with the latter also agreeing that Superdry receives the proceeds of the equity raise to ensure that it can deliver its turnaround plan.
Julian Dunkerton said: “Today’s announcement marks a critical moment in Superdry’s history. At its heart, these proposals are putting the business on the right footing to secure its long-term future following a period of unprecedented challenges. I am aware of the implications for all our stakeholders, and I have sought to protect their interests as much as possible in the proposals we are announcing today.
“My decision to underwite this equity raise demonstrates my continued commitment to Superdry, its stakeholders, its suppliers and the people who work for it. My passion for this great British brand remains as strong today as it was when I founded the business.”
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