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Superdry Grants Dunkerton Additional Time For Takeover Offer

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Superdry Grants Dunkerton Additional Time For Takeover Offer

An extension has been granted to Julian Dunkerton, the co-founder and Chief Executive Officer of Superdry, to submit a proposal for the distressed fashion retailer, which now has a new deadline set until the conclusion of March.

The initial deadline of March 1 has been prolonged as Dunkerton engages in talks with multiple potential backers for backing a private acquisition agreement.

With the continuous discussions on financing ongoing, the panel overseeing takeovers has sanctioned the request by Dunkerton to extend the deadline, giving him until 5pm on March 29 to reveal his plans for a potential acquisition of the retailer.

Superdry had officially confirmed in early February that Dunkerton, holding a 20% stake, “is currently engaged in discussions with potential financial partners” to secure funds for a monetary bid to acquire the company.

Reports suggest he is seeking advice from investors like Gordon Brothers, the proprietors of Laura Ashley, and Davidson Kempner, allies of Oakfurnitureland, in an effort to procure the remaining shares he doesn’t already own.

Talks about a possible buyout emerged subsequent to Superdry’s announcement of escalated deficits and the resignation of CFO Shaun Wills from the firm.

The struggling fashion seller noted a significant plunge of 23% in sales to £219.8m in the period concluding on October 28, attributing the decline to a challenging retail climate, adverse weather conditions, and underperformance in its wholesale department.

The corporation is now collaborating with consultants from PwC to evaluate diverse choices, which could encompass a corporate voluntary arrangement or other methods of restructuring, possibly leading to job cuts and shutdowns of stores.

Image Source: Tang Yan Song @ShutterStock

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