It may not come as a surprise after news was leaked on Monday, but on Tuesday morning Superdry unveiled its new proposals for a restructuring, plus plans for an equity raise and to delist from the stock exchange.

If its plans aren’t voted through, it said it will need to enter administration.

The plans mainly involve a restructuring of its UK property estate and retail cost base as its turnaround aims to “deliver its new, more financially sustainable, target operating model”.

Meanwhile the equity raise among existing shareholders “will provide necessary liquidity headroom”. It’s“fully supported and underwritten by” CEO and co-founder Julian Dunkerton.

And the intention to delist from the London Stock Exchange “will allow the company to benefit from significant cost savings associated with being listed and implement its turnaround plan away from the heightened exposure of public markets”.

The company said these make up “a key package of measures that are needed to allow Superdry to return to a more stable footing, accelerate its turnaround plan and drive it towards a viable and sustainable future. Therefore, each element of this package will be inter-conditional upon the others”.

A major point here is that it aims to amend its leasehold obligations, “to reduce losses and property-related (including rent) liabilities”. But it will also involve the “compromise of” the company’s “business rates liabilities owed to local authorities and will effect amendments to the group’s debt facility agreements with its principal secured lenders”.

In less dry language, the ultimate aim is rent reductions on 39 UK sites; an extension to the date its debt becomes repayable to Bantry Bay and Hilco (both “remain supportive”, we’re told); and major cash savings from business rates over the three-year period of the restructuring plan.

But it’s all dependent on the proceeds of the equity raise of up to £10 million to help ensure it has the cash headroom to deliver its turnaround.

The plan’s launch isn’t expected to affect the day to day non-UK operations of Superdry, including its suppliers, employees and landlords. Nor will it affect non-UK creditors.

The restructuring is expected to complete in late June with the wider raft of measures in place by the end of July.

It’s a major move for the company that has seen continually declining results in recent years as it dealt with an unprecedented tough economic backdrop.

Dunkerton, who held approximately 26.36% of Superdry’s issued share capital as of the close of business on 15 April, has irrevocably undertaken to vote in favour of all the resolutions. The same goes for each of Superdry’s directors who hold shares in in the business.

Chairman Peter Sjӧlander said: “The board has spent a lot of time engaging with Julian Dunkerton to come up with a plan which gives the business the best possible prospects for the long term while protecting the interests of shareholders and other stakeholders to the greatest extent possible. The business has faced extraordinary external challenges and, while good progress has been made on our cost saving initiatives, more needs to be done to get the business on a stable financial footing for the future.”

And Dunkerton added: “Today’s announcement marks a critical moment in Superdry’s history. At its heart, these proposals are putting the business on the right footing to secure its long-term future following a period of unprecedented challenges. I am aware of the implications for all our stakeholders and I have sought to protect their interests as much as possible in the proposals we are announcing today. My decision to underwrite this equity raise demonstrates my continued commitment to Superdry, its stakeholders, its suppliers and the people who work for it. My passion for this great British brand remains as strong today as it was when I founded the business.”