Fashion chain Superdry has had its listing and trading in shares suspended after it failed to file its annual results.
The struggling clothing retailer, which has its headquarters in Gloucestershire, has been struggling for a number of months and had recently a agreed a further loan of up £25m to help fund its turnaround plan.
Superdry, which was founded by entrepreneur Julian Dunkerton, secured the facility from finance firm Hilco Capital. In an update to investors, bosses said the agreement would provide the company with “improved liquidity”, as it looks to cut its operating costs by more than £35m, amid the current squeeze on consumer spending.
Superdry said the agreement was in addition to an £80m refinancing deal with US hedge fund Bantry Bay Capital reached last December, and extended in April. The company also completed a £12m equity raise in May, with co-founder and chief executive Julian Dunkerton upping his stake.
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However, this morning (August 30), the retailer announced that the publication of Superdry's audited FY23 results had been delayed and confirmed that the listing of its ordinary shares of 5 pence each on the main market of the London Stock Exchange have been suspended.
Superdry said that it is working with its auditor RSM Ƶ to complete the final technical points of the audit of its FY23 results and expects to announce them later this week.
In a statement, bosses said: "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.
"The company expects to request a restoration of the listing of ordinary shares on publication of its FY23 results before the end of this week."
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