Creditors of struggling British clothing brand Superdry have overwhelmingly endorsed the company’s restructuring plan.
In a filing to the London Stock Exchange, the retailer said that 99% of the creditors have backed the plan.
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Superdry initiated the restructuring plan on 16 April 2024, aiming to prevent the company from going into administration.
The fashion chain is considering rent reductions at 39 stores in the UK and intends to delist from the London Stock Exchange.
The company also announced plans to secure £10m from its founder, Julian Dunkerton.
The restructuring, alongside the delisting, forms part of the broader capital and restructuring measures aimed at safeguarding the company from insolvency.
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By GlobalDataThe plan is set to place Superdry on a more secure foundation, expedite its recovery strategy, and guide it towards a sustainable future.
Superdry’s shareholders are scheduled to vote on the proposed equity raise and delisting at a general meeting in Cheltenham on 14 June 2024.
The UK’s High Court will then be petitioned to sanction the restructuring plan at a hearing beginning on 17 June 2024.
Teneo senior managing director Gavin Maher said: “Having 99% of those creditors that voted in favour means that the plan company has achieved an important milestone in securing creditor support for the restructuring plan.”
In March 2023, Superdry entered an agreement to divest its intellectual property assets in select Asia Pacific countries to South Korea’s Cowell Fashion Company.
A Mint report on 16 April 2024 revealed that the retailer operates a network of 200 physical stores and 350 franchisees, as well as licensees.
It employs more than 3,000 people worldwide.
