UK-based fashion retailer Superdry has confirmed that it is in discussions with financial services company Hilco to secure additional liquidity.
The company aims to bolster its financial position in response to persistently weak demand for its products.
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This is intended to facilitate the implementation of Superdry’s turnaround plan and cost reduction programme.
An additional £10m is being discussed to support seasonal working capital peaks as needed.
Superdry is also seeking to extend the maturity date of its existing credit facilities with Hilco by six months to 7 February 2025.
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The retailer faces challenges, as evidenced by a 13.7% drop in group sales for the 12 weeks to 20 January 2024.
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By GlobalDataIn the first half of fiscal 2024 (FY24), Superdry delivered revenue of £219.8m ($279.1m), a 23.5% decrease compared to the previous year’s £287.2m.
Its net debt was £28.9m, marginally up on the closing FY23 figure of £25.6m, but an improvement from £38m in the same period of the previous year.
The fashion retailer has expressed its expectation that market conditions will not improve in the near term.
