Superdry mulls cost-saving options with advisers
Reuters
Published Jan 29, 2024 07:15
Updated Jan 29, 2024 07:30
(Reuters) -Struggling British fashion retailer Superdry said on Monday it is working with advisers to explore the feasibility of various cost-saving options, as it grapples with weak demand and a cash crunch.
The statement comes following a Sky News report said the company would explore a radical restructuring that could include substantial numbers of store closures and job cuts.
A source familiar with the matter told Reuters last week that the company is working with advisers at PricewaterhouseCoopers on cost-saving measures.
On Friday, Superdry said it does not expect market conditions to improve in the near term after a tough Christmas season, adding that its finance chief Shaun Wills will step down at the end of March.
The London-listed firm, whose shares lost over 73% of their value in 2023, also said on Friday it expects to deliver 40 million pounds ($50.83 million) in savings for this financial year.
($1 = 0.7869 pounds)
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Written By: Reuters
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