Superdry suspends stock market trading after 14 years
Struggling fashion retailer Superdry has today announced it will cease trading on the stock market from next week.
Ahead of Monday's delisting, Superdry is suspending trading today.
The company’s has decided to move its shares to JP Jenkins, a securities-matching platform for unquoted businesses, on 15 July 2024.
Superdry's delisting comes as the retailer embarks on its turnaround plan, which was approved by the courts and the company's creditors last month.
The blueprint sets out to achieve group revenue between £350-400 million. To get the troubled retailer back on track, in April, it announced plans to reduce rents, raise equity and delist from the London Stock Exchange.
These measures 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".
At the time, Peter Sjӧlander, Chairman of Superdry, said: "The business has faced extraordinary external challenges and, while good progress has been made on our cost-saving initiatives, more needs to be done to get the business on a stable financial footing for the future.
"We believe that the proposed restructuring plan, combined with the equity raise fully supported and underwritten by Julian, is the best way to achieve this, together with a delisting, which would further reduce costs and enable the business to progress the turnaround."
But, what will privatisation do for Superdry? The consensus seems to be that delisting will allow Founder Julian Dunkerton and Chairman Peter Sjӧlander to save the ailing business away from the beady eye of the public market.
