Struggling fashion brand Superdry has hired turnaround and restructuring firm Interpath as it battles to cut costs following a series of profit warnings.
In a statement Superdry, which is led by founder Julian Dunkerton, said Interpath will advise on its turnaround and “ensure we have the right cost base and structure in place for future success.”
The UK high street retailer, known for its logo T-shirts and bright colors, has suffered from shipment issues in its wholesale business, and has been trying to improve its performance. In December, it secured a loan from specialist lender Bantry Bay Capital, which is backed by the US activist Elliott Investment Management.
The shares have lost a quarter of their value over the past 12 months. They fell 21 percent on Jan. 27 after Superdry cut its full-year outlook, saying that pretax profit would be wiped out.
Sky News earlier reported the appointment of Interpath.
By Sabah Meddings
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Superdry Cuts Full-Year Profit Forecast to Breakeven
Britain’s Superdry, on Friday, cut its profit forecast for the year and now expects to broadly break even as its wholesale segment underperformed amid rising uncertainty for the last quarter.
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