Superdry boss warns company is facing a ‘fluid and uncertain’ situation after closing 78 stores across Europe
Superdry is facing a ‘fluid and uncertain’ situation, its boss has warned, after closing 78 stores across Europe as shoppers are urged to abandon the High Street to help prevent coronavirus spreading.
The fashion outlet said most of its continental stores are affected by ‘government-mandated’ closures, representing around 40 per cent of its weekly sales.
Writing on the wall?: The fashion outlet said most of its continental stores are affected by ‘government-mandated’ closures
The number of shoppers visiting stores in the UK, which account for half of sales, and the US, is down by a quarter. ‘Superdry is experiencing major disruption to business operations and recovery as we seek to protect staff and customers from Covid-19,’ said chief executive Julian Dunkerton.
‘The situation is very fluid and uncertain, and we are working to put in place additional financing to secure recovery.’
Superdry will not meet targets to sell between £5m and £6m worth of its products each week this year. Online sales were not going to ‘fully mitigate’ the drop, it added.