Superdry, once one of the noughties' coolest brands, will delist from the ... trends now
Troubled fashion firm Superdry is delisting from the London Stock Exchange in a bid to avoid plunging into administration.
The firm, once one of the Noughties' coolest brands. has launched a restructuring plan in desperate efforts to salvage its future on the UK's high streets.
The retailer is known for its hoodie tops and T-shirts, with celebrity fans including ex-England football captain David Beckham and Formula 1 driver Sir Lewis Hamilton.
It has also lavished money on celebrity tie-ups including with Beckham's son Brooklyn and Brazilian football superstar Neymar.
The company has now warned it faces going into administration if not for the new overhaul - as it announced a string of cost-cutting measures, including reducing the rents on 39 of its UK sites and extending the maturity date of large loans.
Fashion firm Superdry has launched a restructuring plan in a bid to stave off administration
The clothing firm, founded in 2003, was once one of the early 2000s' coolest brands
Pop singer Pixie Lott attended the launch of Superdry's new flagship store in London's Oxford Street in November 2021
Superdry's co-founder and chief executive Julian Dunkerton (left) was joined by Brooklyn Beckham at the November 2021 event in central London
Superdry also wants to return to sales growth through measures such as improving product ranges and reallocating marketing spend.
The fashion business, which runs 216 shops as well as franchised stores, has been looking at how to cut costs after a year of weakening sales and deepening losses.
It has been looking to raise up to £10million through an equity raise, meaning the sale of new shares, to support its restructuring plans.
Superdry today said it wanted to delist its shares from the London markets as part of the restructure, which needed to be implemented 'away from the heightened exposure of public markets'.
The business needs shareholders to approve the move at its general meeting before it can apply to cancel its listing.
Shares tumbled by more than 30 per cent in early trading today.
Co-founder and chief executive Julian Dunkerton said: 'Today's announcement marks a critical moment in Superdry's history.
'At its heart, these proposals are putting the business on the right footing to secure its long-term future following a period of unprecedented challenges.
'I am aware of the implications for all our stakeholders and I have sought to protect their interests as much as possible in the proposals we are announcing today.'
Formula 1 driver Lewis Hamilton, seen here at the Japanese Grand Prix earlier this month, is among the celebrity fans of Superdry clothing
The company runs 216 of its own shops while also having franchised stores - pictured is a Superdry outlet in Kowloon Bay, Hong Kong
Radio presenter Roman Kemp is seen at a Superdry launch in London in February last year
Superdry's chairman Peter Sjolander said: 'The business has faced extraordinary external challenges and, while good progress has been
