Fashion chain Superdry has announced an amendment to its financing facility as it struggles to stay solvent.
The Cheltenham firm issued a warning earlier this month (April 14) saying that it needed to cut costs by more than £35m after seeing dampened consumer spending. Now Superdry is extending its loan facility, which is provided by Bantry Bay.
In December 2022, the lending provider issued a loan facility of £80m to Superdry, replacing the then existing £70m asset-based lending facility, which was due to expire at the end of January 2023. The details of the new extension have not yet been revealed.
