Struggling British clothing retailer Superdry Plc said on Monday that it is currently working with external consultants to “assess the feasibility of further significant cost reduction options”.
The company confirmed at least some of the contents of a report from the media platform Sky News. It had previously announced that Superdry was considering a “radical restructuring”, which could include extensive store closures and job cuts. Plans are being drawn up together with the consulting firm PricewaterhouseCoopers (PwC) that could also result in insolvency proceedings in order to reduce ongoing financial obligations, according to the article.
On Friday, Superdry announced that sales in the first half of the current 2023/24 financial year had slipped by 23.5 percent to 219.8 million British pounds (257.9 million euros). Due to the sale of its trademark rights in Asia, the company achieved a net profit of 2.8 million British pounds (3.3 million euros). However, the loss before taxes adjusted for special effects increased from 13.6 to 25.3 million British pounds.
The clothing retailer, which has already implemented extensive cost-cutting measures in recent months, also announced the upcoming departure of Chief Financial Officer (CFO) Shaun Wills and the appointment of Giles David as interim CFO.