Fashion retailer Superdry is to close its Dundee store.
Staff were told on Friday morning their shop will shut following a period of instability for the company.
Superdry is due to pull the shutters down for the final time on April 20.
But Overgate manager Malcolm Angus has moved to allay fears of a hole in the city’s shopping landscape, adding a new operator for the top-floor unit has already been found.
All going well, he said, the new retailer should be in place by October.
New retail operator found
Mr Angus would not say who was set to replace Superdry, which has been situated in the Overgate for more than 12 years.
“Superdry has come to the natural completion of its lease after 12 years within Overgate,” he said.
“We would like to thank the brand for being a vital part of Overgate’s success and offering our customers a fantastic shopping experience.
“We are also delighted to confirm that Overgate has successfully attracted a new operator for this unit, which we will be able to announce in due course – all being well the brand will be open for trade by October 2024.”
Superdry’s exit from the Overgate is the latest in a number of shops who have closed recently, following restaurant Frankie and Benny’s and young-people’s stationary store Smiggle in closing.
The restaurant unit remains empty, with Frankie and Benny’s only closing in March.
Smiggle was replaced by Australian jewellery brand Lovisa in February.
Mr Angus said a new proprietor for the Frankie and Benny’s unit had been found.
Superdry’s problems
The company recently announced its St Andrews branch would close this year.
Shares in Superdry plummeted more than 55% after news announced last week after markets had closed.
The company said that chief executive Julian Dunkerton was not planning to make an offer to buy the business, after being linked to a takeover.
Co-founder and chief executive Julian Dunkerton had been in talks with US investors earlier this year about potentially buying the business and taking it private, which had initially given its share price a boost.
But shares tumbled by nearly 50% last week to lows of around 13p per share, in a sign shareholders were unimpressed by the takeover talks being abandoned.
It is the lowest price since the company began trading on the London Stock Exchange in 2010.
Superdry said on Thursday a takeover offer was “unlikely to deliver an outcome for shareholders” amid work taking place to revive the business and save money.
It stressed it was still mulling over other actions such as potentially underwriting an equity raise, which could support its turnaround plan.
The fashion business, which employs around 3,350 people globally and runs 216 shops alongside franchised stores, has been looking at various ways to cut costs to secure its future on Britain’s high streets.
