Due to a delay in the completion of its annual results, the Financial Conduct Authority (FCA) has temporarily suspended the trading of Superdry’s shares. The fashion retailer has requested the suspension of its ordinary shares, as its full-year results are not yet prepared. According to Superdry, the delay is attributed to the lengthier-than-expected auditing process.
The company anticipates lifting the suspension once it finalizes and publishes its results, which is expected to occur before the week concludes. Superdry has encountered difficulties in recuperating from the repercussions of the pandemic and had retracted its full-year profit guidance earlier this year.
In order to fortify its turnaround strategy and a cost reduction program amounting to £35 million, the retailer has been pursuing additional funding. It recently secured £25 million from restructuring specialist Hilco Capital, and in May, collected £11.1 million through equity raise.
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