(Reuters) – Struggling British fashion brand Superdry said on Tuesday that it planned to raise about 12 million pounds ($14.97 million) through the sale of about 19.1% of its equity.
The retailer looked to issue 15.7 million shares at an issue price of 76.3 pence each. Earlier in the day, the company said it was in “positive talks” with investors regarding a potential equity raise.
Superdry had been considering raising funds since April, as it battled a cash crunch and subdued demand for its spring-summer items amid a cost of living crisis.
The company, whose shares have lost 33.8% of its value so far this year, said the sale of equity is at a discount of about 10%, from its last close of 84.7 pence per share.
The latest move comes months after the company sold its intellectual property assets in much of the Asia Pacific region to South Korea’s Cowell Fashion Company for $50 million, to raise cash.
($1 = 0.8014 pounds)
(Reporting by Sinchita Mitra and Anchal Rana in Bengaluru; Editing by Shailesh Kuber)
