Superdry is preparing to run an emergency four-week sale process if creditors block its founder’s plans to inject up to £10m of his own money into the fashion chain in a bid to stave off insolvency.
The restructuring plan will not entail immediate shop closures but will impose sizeable rent cuts on landlords of dozens of Superdry outlets.
Sources said the firm is also planning to pull out of a number of overseas markets, including the US.
According to Sky News the accelerated M&A process would be launched if a restructuring plan is not approved by creditors in the coming weeks.
Under the proposed survival plan, Julian Dunkerton would stump up either £8m in an open offer available to other shareholders or £10m in a placing that would only be accessible to him.
The share sale would precede Superdry’s delisting from the London Stock Exchange.
The restructuring plan would need to be approved by creditors, including landlords, in the coming weeks.
According to a document circulated to creditors in recent days and seen by Sky News, rejection of the restructuring plan would be followed by a four-week sale process for Superdry, with the likely outcome of a pre-pack administration deal.
Sources said that Mr Dunkerton’s willingness to inject such a substantial chunk of his own fortune into the company reflected his confidence in the company’s turnaround prospects.
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