Superdry has announced it will delist from the London Stock Exchange as part of a major reorganization aimed at turning around the fashion retailer's fortunes.
He said he would be forced to join the government if the plan is not implemented.
Superdry co-founder and chief executive Julian Dunkerton said the announcement marked a “watershed moment” in the company's history.
As part of its plans, the company is also looking to raise up to £10m through the sale of new shares, known as a capital increase.
Superdry said it wanted to delist from the London market so it could carry out a restructuring “away from increased public market exposure”.
The fashion brand, known for its coats and parkas, saw its share price fall from more than 500p to just over 5p.
Experts suggest the company is struggling to appeal to younger shoppers, even as it partners with influencers and ramps up its social media marketing on Instagram and TikTok.
The fashion industry, which operates 216 stores and franchise stores, is considering various ways to cut costs after a year of sluggish sales and widening losses.
Mr Dunkerton said the proposals confirmed on Tuesday would put the business back on the right footing “to secure its long-term future after an unprecedented and difficult period”.
It announced a range of measures aimed at cutting costs over three years, including lower rents at 39 UK locations and extensions to major loans.
The company also hopes to increase sales by improving its product range and reallocating marketing costs.
Mr Dunkerton will personally support the capital increase, saying it shows his “passion for this great British brand is as strong today as it was when I founded it”. .
The retail store, which began as a market stall in Cheltenham, was founded by Mr. Dunkerton and Mr. James Holder and became a huge commercial success.
Superdry announced on Tuesday that delisting from the London Stock Exchange would save cash, but the plan would need to be approved at its next general meeting.
According to the tentative schedule, they hope to carry out the relocation by July 2024.
