The deadline for Superdry co-founder and chief executive Julian Dunkerton to submit an offer for the ailing fashion retailer has been extended until the end of March.
Dunkerton, who was previously given the deadline of March 1, is in talks with several potential investors about backing a take-private deal.
As financing talks continue, Dunkerton’s request for an extension has been granted by the takeover panel and he now has until 5pm on March 29 to announce whether he intends to make an offer on the retailer.
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Superdry confirmed at the start of February that Dunkerton, who owns a 20% stake, “is engaged in discussions with potential financing partners” to fund a cash offer for the business.
He is understood to be in talks with investors, including Laura Ashley owner Gordon Brothers and Oakfurnitureland backer Davidson Kempner, about buying up the shares he does not already own.
Talks of takeover deal emerged after Superdry posted widening losses and revealed its CFO Shaun Wills had quit the business.
The embattled fashion retailer’s sales plunged 23% to £219.8m in the half to 28 October, which it blamed on a challenging retail market, unseasonable weather and underperformance of its wholesale segment.
The business is currently working with PwC advisers to explore its options, including a company voluntary arrangement or other forms of restructuring, under a move that could lead to job cuts and store closures.
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