Debenhams’ claim that it now has the set-up and cash to push forward with its recovery plan may come with a few caveats on news that the retailer could be seeking a £50 million cash buffer before the end of the year.
Sutherland, who resigned as chief executive following a boardroom coup led by Julian Dunkerton on Tuesday, is expected to receive a £730,000 payoff. Superdry’s shares remained at 449p on Friday morning.
Shares in Superdry Plc fell more than 11 percent on Wednesday after founder Julian Dunkerton narrowly forced his way back into the company, which sparked the exit of most of its board members, including top executives.
Superdry co-founder Julian Dunkerton needed 50% shareholder support to get back onto the struggling retailer's board and he has won his battle, getting 51.15% of the votes. The exec team has quit and he's now CEO.
Superdry co-founder Julian Dunkerton’s claim that he’s winning City support for his comeback bid seemed to have some justification on Monday as it was revealed that two large shareholders are backing his move.
There was more of the same from Superdry in Q3 as wholesale rose but retail and e-tail dropped again due to the weather and to product issues. Yet the company said the work it's doing to transform its fortunes goes on.