Superdry to quit stock market and seek rent reductions

Superdry has said it will leave the London Stock Exchange and will seek rent reductions for its stores as part of a radical three-year restructuring plan.

The troubled fashion chain, which is also hoping to raise up to £10 million in fresh funds, said it would be forced into an insolvency procedure if it did not push ahead with the turnaround.

Superdry expects the restructuring to result in rent reductions in 39 of its 94 UK sites as part of a plan to return to a “more stable footing”.

The brand has been struggling due to tough retail market conditions and weak wholesale orders

SUPERDRY

The restructuring is conditional on the business receiving the proceeds of the equity fundraising, which will be supported by Julian Dunkerton, 59, its chief executive and co-founder.

Trading in the company’s shares was briefly halted after