Superdry's shareholders have approved a rescue plan for the business. Investors agreed at a general meeting on Friday (July 14) to push forward with a restructure after creditors voted in favour of the plan earlier this week.
The proposal is part of a package of measures that includes a 拢10m equity raise underwritten by founder Julian Dunkerton and delisting from the stock market.
Superdry, which is headquartered in Gloucestershire, said its plan it will make "material cash savings" over a three-year period.
Shareholders took into account a number of factors, including Superdry's liquidity requirements; the interests of creditors; participation in the open offer; and the level of support for the relevant resolutions, Superdry said.
Investors agreed the 拢10m gross proceeds from the placing provided "greater comfort" that Superdry had sufficient liquidity headroom to implement its turnaround plan.
Peter Sj缨lander, Superdry chairman, said: 鈥淚 am pleased that our shareholders have supported the proposed equity raise and would like to thank those shareholders who voted in favour of the proposals before them today.
"This is a crucial step towards delivering the restructuring of the business and ensuring that Superdry is in the best possible shape to complete its recovery and return to growth.鈥
Mr Dunkerton added: 鈥淚 am extremely grateful for the support shown today from our shareholders, and earlier this week from our creditors. This is a crucial next step in our journey, and reflects a turning point for the business, which 鈥 pending court approval for our restructuring plan next week 鈥 means Superdry will avoid insolvency."
Mr Dunkerton said he recognised all stakeholders had made "deep compromises" to enable the turnaround - and that he would be putting "a significant amount" of his own money behind the proposals.
He added: "With the court hearing next week, I continue to look forward to a positive future for Superdry.鈥
