Reports fashion brand could close stores and cut jobs

On Saturday, Sky News reported that Superdry is working with advisers at PwC on a plan that could lead to a CVA (company voluntary arrangement) or another form of restructuring.

On Monday, Superdry told the stock market: “In line with the company’s turnaround strategy, the company confirms it is working with advisers to explore the feasibility of various material cost-saving options.

“Whilst there is no certainty that any of these options are progressed, they aim to build on the success of the cost-saving initiatives carried out by the company to date and position the business for long-term success.”

On Friday, the clothing firm said that its revenue had fallen by nearly a quarter to £219.8 million in the six months to the end of October, with adjusted loss nearly doubling to £25.3 million.

The retail business, which employs around 3,350 globally, said it also cut around £20 million in costs over the half-year and is on track for over £40 million in savings for the current year.

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