Business
Superdry delists from London Stock Exchange
The news comes shortly after shareholders voted in favor of proposals including a $10 million ($12.67 million) capital increase to avoid insolvency.
Superdys' last day of trading on the main market was Friday 12 July and its delisting came into effect at 8am on Monday 15 July.
In the future, actions in Very dry will be traded on the JP Jenkins securities matching platform.
In a statement, Superdry said: The provision of the matching trading facility will be kept under continuous review by the Board and, in determining whether to continue to offer a matching trading facility, the Company will take into account the expected (and communicated) demand from shareholders for such a facility as well as the composition of the Company's register of members and the costs to the Company and shareholders.
Effective July 15, Peel Hunt LLP will also cease acting as sponsor, financial advisor and corporate broker to Superdry.
The delisting is part of a restructuring plan previously approved by Superdry shareholders.
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Announcing the plan, Peter Sjlander, Group Chairman, said: “This is an important moment for Superdry. My thanks and those of the entire Board go to Superdry’s shareholders and creditors who have supported the proposals, which will enable the business to move forward with the right structure, balance sheet and cost base to ensure its recovery and future growth.”
Alice Price, associate apparel analyst at GlobalData, previously told Just Style that Superdry's recent struggles were “no surprise” after years of poor results.
She suggested: The brand should take inspiration fromHollisterand Abercrombie for insight into how to successfully turn around a struggling business, after both brands managed to shed their stale early-2010s aesthetic to regain relevance with Gen Z and fashion-forward millennial shoppers.
Since the beginning of 2024, Superdry has been facing a number of financial difficulties.
In April, the retailer announced that it was continuing discussions with its co-founder regarding alternative structures, including a potential fully underwritten equity raise by Julian Dunkerton as the offer nears completion.
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