Superdry’s shareholders said yes to the proposed rescue plan at an extraordinary general meeting on June 14. The vote follows the creditors’ approval of the plan on June 10, with 99 percent of them voting in favor of measures included in the plan, said the fashion company. Superdry will now ask the High Court to sanction the plan at a hearing scheduled to commence on June 17.
The three-year restructuring plan, which is supposed to allow the company to avoid insolvency, involves a £10 million (€11.9m) equity raising underwritten by the CEO, Julian Dunkerton, and a delisting from the London Stock Exchange. The plan also involves reducing rent across 36 of Superdry’s 94 stores in the UK, of which 12 will switch to zero rental to reduce its financial burden.
If the court approves, Superdry’s listing on the London Stock Exchange will end on June 18, the company said, and then it will be canceled on July 12.
