Led by Julian Dunkerton, CEO, Superdry, a prominent British fashion chain, has proposed a comprehensive rescue package to avoid potential administration. The plan includes a fundraising initiative, delisting from the London Stock Exchange, and a strategic restructuring.

Under this rescue plan, Superdry aims to secure substantial cash savings by renegotiating rents for 39 of its 94 stores in the UK. Additionally, the company plans to extend the maturity of loans provided under its debt facility agreements, as it grapples with both weakened consumer demand and a pressing cash shortage.

Dunkerton emphasises, the proposed plan represents the most suitable course of action for all stakeholders. To facilitate the equity raise, Dunkerton aims to underwrite the entire process. Investors can participate in either an open offer, to raise the sterling-equivalent of €8 million, or in a placing intended to generate gross proceeds of £10 million.

Dunkerton clarifies, Superdry has no immediate plans to return to public listing as it aims to shift away from the scrutiny of public markets for the foreseeable future.

Renowned for its distinctive jackets and apparel blending American vintage styles with Japanese graphics, Superdry acknowledges the persistently challenging trading conditions. Despite heightened marketing efforts, the brand has experienced a decline in popularity, particularly among younger demographics. 

Analysts Danni Hewson from AJ Bell, hopes, Superdry is able to rejuvenate its brand away from the public spotlight.