Superdry is to close eight of its 104 stores in the UK this year. “We can confirm that eight stores operated by our franchisee under licence from Superdry, are in the process of closing,” a spokesperson for the brand said in a statement
Since May, the business has shut down five locations in Stoke On Trent, Ipswich, Luton, Telford, and Lincoln. This year, it wants to close three more facilities, including one in Bury St. Edmunds and two in secret locations.
After issuing a number of profit warnings, Superdry has recently been striving to improve its balance sheet. The retailer with headquarters in Cheltenham completed an equity offering and obtained 12 million pounds in new investment in May.
In the same month, a report claimed Superdry was in discussions with Canadian e-commerce behemoth Shopify to outsource its internet business. The retailer and South Korean company Cowell Fashion Company came to an agreement in March to sell the shop’s intellectual property (IP) rights in the APAC area for US $ 50 million.
