Fashion retailer Superdry has appointed PwC as advisers to examine debt-raising options as pre-Christmas trading suffered, Sky News has reported.
The struggling fashion retailer has appointed PwC to advise on its finances and review debt options after it warned that profits will be lower than expected as trading remained “significantly below management expectations” before Christmas.
This comes weeks after the retailer’s shares fell to a record low as its retail division suffered a sales decline of 13.1% in the first half of the financial year to October 28, 2023, as both online and in-store sales took a hit due to a “challenging consumer retail market and the abnormally mild autumn”.
At the time, Superdry reported that “profits for the year are therefore expected to reflect this weaker trading seen to date”.
The profit warning issued a week before Christmas brought an end to a tough year for the retailer as it took on several measures to strengthen its balance sheet, including an equity raise and the sale of its South Asian IP.
The news follows speculation about the company being taken private after Superdry’s founder Julian Dunkerton appointed Interpath Advisory, a restructuring firm, to aid cost-cutting plans for the business just over a year ago.
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