Superdry pulls plug on stores
By Simon Hacker | 20th July 2023
Cheltenham-based global fashion brand Superdry is in the process of closing eight of its 104 UK stores – with uncertainty prevailing over the locations of the final outlets to be axed.
WIth stores in Ipswich, Stoke on Trent, Luton, Telford and Lincoln already shuttered, the brand's Bury St Edmonds outlet is also due to close imminently while two further stores, at locations yet to be confirmed, will also cease trading.
Superdry's sole dedicated store in Gloucestershire is in Cheltenham's Clarence Street.
Speculation has been rife that the closures follow as a direct consequence of the brand's recent announcement that it needs to seek £35m in cost savings in the wake of the pandemic.
A faltering in online demand caused by supply issues and warmer summer weather are also understood to be affecting sales.
But the company says the decision on the closures lies with an independent franchisee operating under licence - and is not coming from head office.
In April, however, Superdry said cost-cutting plans would include "estate optimisation", meaning that some shops could close.
Superdry said: "We can confirm that eight stores operated by our franchisee under licence from Superdry, are in the process of closing.
Online financial commentary reported shares in the brand last week dropped to 77p.
Yahoo wrote: "Back in January 2018, long-term Superdry shareholders could be forgiven for feeling smug. The stock had climbed 315% since its £5 flotation price less than eight years before."
Since then though, shares were reported to have fallen 96% from their peak.
The LSE's latest closing figure was up 3.4% at 76p.
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