The owner of Superdry’s Oxford Street flagship, M&G, has ditched a challenge to its rescue plan, giving a boost to the fashion chain.
The global investment manager, which initially considered a challenge to the retailer’s rescue plan in April, has decided not to continue with a formal objection, Sky News reported.
M&G had previously engaged lawyers from Hogan Lovells to examine the proposals.
City insiders also said that British Land, which owns various Superdry sites, objected to the restructuring plan, but had also chosen not to pursue a formal challenge.
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A multimillion pound funding injection from the fashion retailer’s CEO Julian Dunkerton is set to accompany the rescue deal, which will include heavy rent cuts for various landlords but avoid UK shop closures.
Superdry is also set to delist from the London Stock Exchange if its restructuring plan is successful.
A Superdry spokesman said: “We continue to engage with our landlords regarding our proposed restructuring plan, which is vital for the future of the business.”
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