The owner of Superdry’s Oxford Street flagship store is considering a challenge to the retailer’s rescue plan that is set to impose steep reductions on landlords.
According to Sky News, asset manager M&G has engaged with lawyers from Hogan Lovells to review the ailing fashion retailer’s restructuring plan it launched earlier this month.
The move will not necessarily result in a formal legal challenge, but property industry sources did not rule out the possibility.
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Other Superdry landlords, including Landsec, are understood to be monitoring the situation ahead of the disclosure of detailed proposals next month.
Last week the retailer said it was hoping to gain steep rent reduction across 39 UK stores, with 15 locations switching to nil rent, as part of a major restructuring plan in a last-ditch attempt to stay afloat.
The restructuring plan also includes a £10m equity raise underwritten by co-founder and chief executive Julian Dunkerton and a delisting from the London Stock Exchange.
A spokesperson for Superdry told Retail Gazette: “The Restructuring Plan is a process designed to secure the long-term future of our business. We hope our landlords will support us as we embark on putting in place our new target operating model.”
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