Superdry working with advisers on cost-saving options

(Sharecast News) - Superdry said on Monday that it is working with advisers on cost-saving options. Responding to press speculation, the fashion brand said: "In line with the company's turnaround strategy, the company confirms it is working with advisors to explore the feasibility of various material cost saving options.

"Whilst there is no certainty that any of these options are progressed, they aim to build on the success of the cost saving initiatives carried out by the company to date and position the business for long-term success."

Superdry said it has continued to prioritise driving forward its cost reduction agenda. The group is set to deliver more than £40m in savings this financial year, ahead of the initially stated target of £35m, with more than £20m of those savings already achieved in the first half.

Over the weekend, Sky News reported that Superdry and its advisers at PricewaterhouseCoopers were initiating work on plans that could lead to a company voluntary arrangement (CVA) or restructuring plan.

Sky said this could be aimed at closing underperforming shops - with a commensurate impact on jobs - and forcing through rent cuts with landlords.