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 £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 £10m gross proceeds from the placing provided "greater comfort" that Superdry had sufficient liquidity headroom to implement its turnaround plan.
Peter Sjӧlander, Superdry chairman, said: “I 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.”
Mr Dunkerton added: “I 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 – pending court approval for our restructuring plan next week – 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.”
