Superdry shares drop as retailer slashes stores value

The founder of Superdry warned the revival of the struggling British fashion group would be a long haul after a £130m (€145m) charge for poorly performing stores pushed it into an annual loss, sending its shares lower.

Julian Dunkerton, the group’s biggest shareholder with an 18.4% stake, won a bitter battle to rejoin the board in April prompting the existing directors to resign en masse.