Superdry’s shares have been temporarily suspended by the Financial Conduct Authority (FCA) as the retailer delayed its full-year results.
The fashion retailer said on Wednesday its annual results were not ready yet and that it had requested the suspension of its ordinary shares of 5 pence each in the interim.
“The board confirms that the delay is a result of normal procedures taking longer than anticipated during the first year that RSM are auditing the company,” Superdry said in a statement.
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It now expects to lift the suspension when it publishes its results before the end of the week.
Superdry, which has struggled to bounce back from the pandemic, withdrew its “broadly breakeven” full-year profit guidance in April as it continued to experience disappointing retail sales.
The retailer has been looking to raise extra cash in a bid to fund its turnaround plan and £35m cost reduction programme.
It secured £25m from restructuring specialist Hilco Capital earlier this month on top of an £11.1m equity raise in May.
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2 Comments. Leave new
How on earth could they obtain re-financing when they are not even able to report to the markets on time?
Mike Ashley will snap up the brand for a modest sum soon I guess. Remember when Joe Blogs and FCUK were big a time? The problem I see is that SD has lost its brand support and frankly the UK consumer is broke. The entire nation is on its bum unless you work in a protected sector like the public sector and they don’t even feel inclined to leave the house.
They cant afford to take up the loan at 10% interest plus base rate – interest on all their loans must be costing millions……