Superdry considers ‘cost-saving options’ amid CVA rumours
The retailer said that its cost reduction agenda is ‘set to deliver in excess of £40m in savings this financial year’
Fashion retailer Superdry has confirmed that it is working with its advisors “to explore the feasibility of various material cost saving options”.
The news follows Sky News reports over the weekend which speculated that the retailer and PwC were looking at options that could lead to a company voluntary arrangement (CVA) or restructuring plan.
Today (29 January), in an official statement the company said: “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.”
Superdry also added that its cost reduction agenda is “set to deliver in excess of £40m in savings this financial year, ahead of the initially stated target of £35m, with more than £20m of those savings already achieved in H1”.
The announcement comes after the retailer announced a 23.5% half-year revenue fall to £219.8m due to a “challenging” consumer retail market. As a result of the difficult trading, the company closed 12 stores in the half year, ending the period with 216 owned stores.
Recently, it has also announced that its current CFO Shaun Wills is stepping down at the end of March and will be succeeded by Giles David.
