LONDON, Aug 31 — The London Stock Exchange said Wednesday that trading in the shares of clothing brand Superdry had been suspended as the British company awaits a review of its accounts by auditors.
Superdry, which has faced financial difficulties this year, requested the move after it failed to publish its latest audit by an August 29 deadline, the stock exchange said in a statement.
The clothing retailer is currently working with the firm RSM UK to “complete the final technical points of the audit” and expects to announce the results of the review later this week, the statement added.
“The Board confirms that the delay is a result of normal procedures taking longer than anticipated during the first year that RSM are auditing the company,” it noted.
“The company expects to request a restoration of the listing of ordinary shares on publication of its FY23 results before the end of this week.”
UK media reported that Superdry has been struggling with its finances as the country’s cost-of-living crisis and economic woes take their toll.
Its share price, which traded at around 56 pence per share at closing on Tuesday, has cratered since 2018.
The company was forced to take a one-year £25 million loan from the restructuring specialist Hilco at an interest rate of 10.5 percent plus the Bank of England base rate, according to reports. — AFP
