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Superdry Gives Dunkerton More Time For Takeover Bid

Image Source: Tang Yan Song @ShutterStock

The deadline for Julian Dunkerton, co-founder and CEO of Superdry, to make an offer for the struggling fashion retailer has been extended until the end of March.

Initially set for March 1, Dunkerton is currently in discussions with various potential investors regarding support for a private takeover deal.

Given the ongoing financing negotiations, the takeover panel has approved Dunkerton’s request for an extension, giving him until 5pm on March 29 to declare his intentions regarding a potential offer for the retailer.

In early February, Superdry officially stated that Dunkerton, who holds a 20% stake, “is in talks with potential financing partners” to secure funding for a cash bid for the company.

It is reported that he is consulting with investors, such as Gordon Brothers, the owner of Laura Ashley, and Davidson Kempner, a supporter of Oakfurnitureland, with the aim of purchasing the remaining shares he does not already possess.

Discussions about a potential takeover deal arose following Superdry’s announcement of increased losses and the departure of CFO Shaun Wills from the company.

The struggling fashion retailer observed a significant drop in sales by 23% to £219.8m in the half-year ending on October 28, attributing the decline to a challenging retail environment, unfavorable weather conditions, and poor performance in its wholesale division.

The company is presently collaborating with advisors from PwC to assess various alternatives, which may include a company voluntary arrangement or other restructuring methods, potentially resulting in layoffs and store closures.

Image Source: Tang Yan Song @ShutterStock

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