UK fashion retailer Superdry in talks with lender Hilco amid weak demand
Reuters
Published Mar 11, 2024 18:36
Updated Mar 12, 2024 00:45
(Reuters) - Superdry on Monday confirmed that it was in talks with lender Hilco to provide additional liquidity, as the struggling British fashion retailer looks to navigate weak demand.
The company said it is in discussion to increase its lending facilities by about 10 million pounds ($13 million) and an additional 10 million pounds to meet seasonal working capital requirements.
Superdry, which has been battling weak demand for its jackets and clothing, also said discussions with Hilco include an extension to the maturity date of its existing credit facilities with the lender by about six months to Feb. 7, 2025.
In January, the retailer had reported a 13.7% drop in group sales for the 12 weeks to Jan. 20 and said that it does not expect market conditions to improve in the near term.
The company last month said its top shareholder and CEO, Julian Dunkerton, was looking at options for the company that may include a cash offer for the shares not already owned by him.
($1 = 0.7809 pounds)
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Written By: Reuters
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