2024-01-29 07:28:12
Struggling British fashion retailer Superdry said on Monday it was working with advisers to explore the feasibility of various cost-cutting options as it faces weak demand and a cash crunch.
The statement follows a Sky News report that the company is considering a radical restructuring that might include a significant number of store closures and job cuts.
A source familiar with the matter told Reuters last week that the company was working with advisers from PricewaterhouseCoopers on cost-cutting measures.
Superdry said on Friday it did not expect market conditions to improve in the short term following a difficult Christmas season, adding that its chief financial officer Shaun Wills would leave the role at the end of March .
The London-listed company, whose shares have lost more than 73% of their value in 2023, also said on Friday it expects to make 40 million pounds ($50.83 million) in savings for the financial year. in progress.
($1 = 0.7869 pounds)
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