Superdry has obtained the green light from its creditors for its restructuring plan. Shareholder approval is now all that remains in this final attempt to rescue the brand.
Three years of restructuring
99 % of the shareholders of the British fashion brand have approved the restructuring plan. “An important milestone“, Gavin Maher of insolvency administrator Teneo told Retail Gazette. The restructuring is hoped to keep the long-suffering retailer from bankruptcy.
The plan consists of a capital increase, led by founder Julian Dunkerton, who also wants to take ‘his’ chain off the stock market. Superdry moreover wants to negotiate rent reductions for 39 British stores. Around thirty other European shops are due to close, the company had previously indicated.
Shareholders will vote on the plan on 14 June, after which the court will be able to formally approve the three-year restructuring plan. Earlier this year, Dunkerton attempted to delist Superdry, but failed without the protection of the court.
