UK-based premium clothing retailer Superdry has secured a 70 million pound (roughly US $ 91 million) lending facility to help tide over the tumbling sales during the pandemic.
The Group’s share prices have fallen 77 per cent so far after its stores remained closed during lockdowns.
That being said, the retailer’s performance has picked up in the last 3 months up to July-end helping total sales decline lesser than expected to 24.1 per cent.
Online sales saw a 93.2 per cent surge in the first quarter of the year which offset around a third of lost store sales.
Julian Dunkerton said the new deal was agreed with its existing lenders HSBC and BNPP and will help ‘secure our recovery’. She further averred, “The actions we have taken to date have greatly strengthened our cash position, which together with our new ABL Facility, give us the flexibility to execute our current plans and to secure our recovery.”
The company had net cash amounting to 57.8 million pounds as of 6 August and took to undertaking various measures to preserve cash, including furloughing 88 per cent of its staff at one stage in the lockdown, and rent referrals from landlords.