Shares in fashion retailer Superdry (LSE: SDRY) plunged over 14% on Tuesday to a record closing low of 24.90p, after Sky News reported that the struggling firm has enlisted accounting group PricewaterhouseCoopers (PwC) to review its options for shoring up a debt-laden balance sheet.
The move comes just weeks after Superdry, founded by Julian Dunkerton, blamed “significantly below” trading performance and an abnormally mild autumn for a profit warning in December. The warning stated that profits for the financial year ending April would miss expectations.
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According to Sky News, PwC has been appointed to examine Superdry’s finances and weigh potential avenues for raising capital, as the firm battles challenging market conditions. Tuesday’s share price plunge leaves the stock down 84% over the past 12 months.
