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M&G, landlord of Superdry’s London flagship store, will not formally seek to block a restructuring proposal, Sky News has reported.
It is understood that Superdry received a reprieve after M&G backed down from a challenge to the struggling fashion chain’s rescue plan.
As a result, M&G has decided not to proceed with its formal objection to Superdry’s restructuring plan after it engaged lawyers from Hogan Lovells to scrutinise the proposals.
British Land, which also owns a number of Superdry stores, will also reportedly abstain on the restructuring plan, opting against a formal challenge.
Superdry’s rescue deal will incorporate steep rent cuts for a number of landlords, Sky News found, but will avoid store closures in the UK.
Alongside the rescue deal, Superdry founder Julian Dunkerton will provide a multi-million-pound funding injection.
Superdry’s landlords are believed to have been alarmed by their lack of participation in the retailer’s mechanism to allow creditors to benefit from any future recovery in its performance.
A Superdry spokesperson said: “We continue to engage with our landlords regarding our proposed restructuring plan, which is vital for the future of the business.”
