Superdry tanks as CEO decides against rescue bid

Shares in Superdry tanked by more than half on Tuesday after the struggling fashion retailer revealed that chief executive Julian Dunkerton had decided against making an offer for company.

The news was announced after markets closed on Thursday and investors started dumping the stock, sending it 52% lower at 14.2 pence a share, and valuing the once-trendy label at £14m.

Superdry had been negotiating an additional multimillion-pound loan with one of its existing lenders - the turnaround specialist Hilco - to borrow £10m or more as it seeks new financial headroom amid a steep downturn in trading.

The talks between the clothing retailer and Hilco are on top of more than £100m of existing debt.

Reporting by Frank Prenesti for Sharecast.com