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Coronavirus: Superdry asks for rent relief

Superdry is in negotiations with landlords to secure store rental relief, amid the Covid-19 coronavirus outbreak.

It comes as footfall at the retailer has decreased by 25% week on week across Superdry stores in the UK and US.

The retailer said it was taking measures to preserve cash, including negotiations with store rental relief, postponement of capex plans, and potential changes to the timing and structure of future season stock.

It is also in conversations with its lending group to provide ”additional flexibility and liquidity to support Superdry through this period of uncertainty.”

In a trading update, the retailer said: “Given the performance to date, we do not expect the decline in sales from our retail stores to be fully mitigated by sales through our ecommerce channel, which remains fully open for business.

“Whilst we are also pursuing cost saving measures across the business, we do not expect these to be sufficient to offset the sales decline.

“As at today we have a strong position of £47m net cash on our balance sheet. Also, our working capital performance to date has been better than our forecasts. We continue to work closely with our wholesale partners to minimize returns and cancellation risks on SS20 stock deliveries.”

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