Superdry rescue plan approved by court
Superdry has received court approval for its restructuring plan after creditors and shareholders approved the plan earlier this month.
The court has sanctioned the fashion brand's plans for a £10 million equity raise and a delisting from the London Stock Exchange, allowing the business to avoid insolvency.
It means the company can "implement the capital and restructuring measures, which the group is undertaking in order to secure its long-term future and return to profitability".
The news comes after both creditors and shareholders voted in favour of Superdry's restructuring plan, which also includes rent reductions across 39 of its UK stores.
The plan forms part of a key package of measures that are needed to "avoid the company entering into insolvency", and will allow the brand to "return to a more stable footing, accelerate its turnaround plan and drive it towards a viable and sustainable future".
Chairman Peter Sjӧlander said: "This is an important moment for Superdry. My thanks go to the shareholders and creditors of Superdry who have supported the proposals, which will enable the business to go forward with the right structure, balance sheet and cost base to deliver its turnaround and future growth."
Read more about Superdry's restructuring plan here.
