Superdry to close eight UK stores

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 seen by LBC.

“The majority of Superdry’s stores in the UK are operated directly by Superdry and there are no plans to close any of them at the present time,” they added.

The company has closed five stores since May, in Stoke On Trent, Ipswich, Luton, Telford, and Lincoln.

It plans to close a further three this year, one in Bury St Edmunds and two in locations not yet revealed.

Superdry has been working to strengthen its balance sheet recently after announcing a string of profit warnings.

In May, the Cheltenham-based retailer concluded an equity raise and secured 12 million pounds in fresh funding.

That same month, a report by The Times claimed Superdry was in talks to outsource its online operations to Canadian e-commerce giant Shopify.

In March, the retailer reached an agreement to offload its intellectual property (IP) assets within the APAC region to South Korean firm Cowell Fashion Company for 50 million dollars.