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Superdry has drafted in advisers from restructuring firm Teneo in a bid to explore cost-saving options, Drapers has reported. The retailer has reportedly been working with the firm on a turnaround plan over the past few weeks. Drapers said Superdry was considering various cost-saving measures, including a potential company voluntary arrangement (CVA) and a restructuring plan.
Earlier this year, the group confirmed that it was working with its advisors “to explore the feasibility of various material cost saving options”.
The news followed Sky News reports which speculated that the retailer and PwC were looking at options that could lead to a company voluntary arrangement (CVA) or restructuring plan.
An official statement from the company in January said: “Whilst there is no certainty that any of these options are progressed, they aim to build on the success of the cost saving initiatives carried out by the company to date and position the business for long-term success.”
Superdry also added that its cost reduction agenda was “set to deliver in excess of £40m in savings this financial year, ahead of the initially stated target of £35m, with more than £20m of those savings already achieved in H1”.
The announcement comes after the retailer announced a 23.5% half-year revenue fall to £219.8m due to a “challenging” consumer retail market. As a result of the difficult trading, the company closed 12 stores in the period.
Superdry has been contacted for comment.
