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Superdry Considers Shutting Down Stores In The UK To Reduce Rents

Image Source: Tang Yan Song @ShutterStock

Superdry is working with advisers at PwC to come up with plans to close its stores in the UK and reduce rents.

The retailer is considering a company voluntary arrangement (CVA) as part of its restructuring options.

The struggling business has been trying to negotiate lower rents for its troubled stores.

The move follows a statement from Superdry’s CEO, Julian Dunkerton, acknowledging the challenging times ahead. The company’s losses are increasing, and its CFO, Shaun Wills, has resigned.

Superdry’s sales dropped by 23% to £219.8m in the half to 28 October, attributed to tough retail conditions, unusual weather, and underperformance in its wholesale segment.

However, the company has observed some positive signs during the recent cold weather, with a slower sales decline of 13.7% in the 12 weeks to 20 January.

In December, Superdry also announced that it was exploring the sale of its brand rights in the US and Middle East to improve its cash flow.

Image Source: Tang Yan Song @ShutterStock

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