Popular clothing store boss issues statement amid 'warning it could go bust'

Fans of Superdry have been issued a warning that it could go bust unless savings are made. The retailer has announced plans to quit the stock market and push through an aggressive plan to cut its rent bills and business rates.

Julian Dunkerton, founder and chief executive of the brand, said a big restructuring plan was the only option moving forward. This is after the clothing firm suffered "a series of little cuts that has made life tougher."

Plans to reduce the rents on 39 of its 100 shops and lower its business rates with councils have been announced. But existing shareholders will then be stuck, invested in a private company where Mr Dunkerton will have control.

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He plans to spend £10 million issuing new shares in an unlisted company, which will add in cash and increase his stake beyond 26 per cent. The boss told The Sun he believed Superdry’s brand still had a future and it was “one of the last” retailers on the high street to do a restructuring.

Mr Dunkerton, who founded the company in 2003, added: "I love this business, I love the people and we are doing this to enjoy the next 20 to 30 years. We are doing this to protect the company and jobs."