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Fashion retailer Superdry has confirmed that it is closing eight of its franchise stores in the UK, according to Drapers.
The business has already shut down sites in Stoke On Trent, Ipswich, Luton, Telford, Lincoln and Bury St Edmunds.
All eight stores are operated by franchise partner Aldrich Group, which partnered with the group in 2017 under the name of AG Super.
In April, the group revealed that its retail sales in February and March had not met its previous expectations and was considering additional steps to further strengthen its balance sheet which could include a potential equity issue.
Following that, the Cheltenham-based firm conducted an equity offering and attracted £12m in fresh funding in May.
Superdry said: “We can confirm that eight stores operated by our franchisee under licence from Superdry, are in the process of closing. The majority of Superdry’s stores in the UK are operated directly by Superdry and there are no plans to close any of them at the present time.”
