(Reuters) -British fashion retailer Superdry is to explore a radical restructuring that could include substantial numbers of store closures and job cuts, Sky News reported on Saturday.
Superdry declined to comment on the report when contacted by Reuters.
Sky News report reported that Superdry and its advisers at PricewaterhouseCoopers (PwC) are starting work on plans that could lead to a company voluntary arrangement (CVA) or restructuring.
This could include closing underperforming shops which would have an impact on jobs, the Sky News report added, however it said there was little indication of how many stores or staff might be affected.
A source familiar with the matter confirmed to Reuters that the company is working with PwC on cost saving measures.
Superdry on Friday said Chief Financial Officer Shaun Wills would step down at the end of March and named Giles David as its interim CFO, effective from Jan. 29.
The clothing retailer, known for its American vintage styles and Japanese graphics, on Friday reported a 13.7% drop in group sales for the 12 weeks to Jan. 20 citing mild autumn weather.
(Reporting by Devika Nair and Shubhendu Deshmukh in Bengaluru; editing by William Maclean and Jason Neely)