Superdry’s shares have been temporarily suspended by the Financial Conduct Authority (FCA) due to a delay in the release of its full-year results. The fashion retailer stated that its annual results were not yet prepared and requested the suspension of its ordinary shares. Superdry clarified that the delay was a result of the auditing process taking longer than expected.
The company expects to lift the suspension when it finalizes and publishes its results before the end of the week. Superdry has been facing challenges in recovering from the impact of the pandemic and had withdrawn its full-year profit guidance earlier this year.
In an effort to support its turnaround plan and a cost reduction program of £35 million, the retailer has been seeking additional funding, having recently secured £25 million from restructuring specialist Hilco Capital and an £11.1 million equity raise in May.
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