Superdry confirms appointment of advisors to explore cost saving options

British retailer Superdry has said that it is currently working with advisors to “explore the feasibility of various material cost saving options” as part of its ongoing turnaround strategy.

The statement comes amid recent speculation that the company had been mulling a series of store closures as sales for the half-year fell 23.5 percent, a drop that it said was the impact of a challenging consumer retail market and came alongside the exit of CFO, Shaun wills.

At the weekend, Sky News reported that Superdry had appointed PricewaterhouseCoopers (PwC) to oversee plans that could lead to a company voluntary arrangement (CVA) or restructuring plan.

The media outlet noted that such a move could result in the closure of underperforming shops and a push for rent cuts, details that came just days after prior reports that PwC had also been tasked with exploring debt-raising options.

Partially confirming such speculation, Superdry noted that there was no certainty in how such options would progress, however it added that its aiming to “build on the success of the cost saving initiatives carried out by the company to date and position the business for long-term success”.

It further reaffirmed that it was set to deliver in excess of 40 million pounds in savings this financial year, ahead of the initially forecasted 35 million pounds.