Julian Dunkerton, the founder and chief executive officer of beleaguered British retailer Superdry Plc, is seeking to take the loss-making company private as it struggles to turn around its performance.

Superdry has consented to Dunkerton’s request to begin exploring an offer and he is in talks with potential finance providers, according to a statement from the retailer Friday. Superdry’s current valuation is around £41.7 million ($53.2 million), including the 26 percent stake that Dunkerton already holds.

The stock more than doubled on Friday to 43 pence, the highest since October.

The brand, known for its logo T-shirts and bright colours, is still working with advisers at PWC to consider cost-saving options. The business has expensive borrowing from lenders of last resort including Bantry Bay Capital and Hilco Capital Ltd.

Last week Superdry reported widening losses after Christmas sales failed to revive performance amid mild weather and heavy discounting in the sector. Chief financial officer Shaun Wills is standing down at the end of March, with an interim, Giles David, joining the business at the end of January.

Superdry’s other major shareholder is Hargreaves Lansdown Plc, with almost 12 percent. The investment firm didn’t immediately respond to a request for comment.

Dunkerton returned to Superdry to run the brand in 2019 after a boardroom battle, pledging to turn around the company following what he called a “misguided strategy” by previous management. His own creative vision has long been at the center of the brand.

He has until 17:00 on March 1 to make an offer for Superdry or announce that he no longer intends to make one.

By Katie Linsell

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