1st Jun 2024 10:51
(Alliance News) - The landlord of Superdry PLC's flagship store will not formally seek to block a restructuring plan, which could have sent the ailing retailer on path for a four-week sale process.
M&G PLC, the asset manager which owns Superdry's Oxford Street store, had contemplated a formal objection to Superdry's restructuring plan, but will not proceed with the move.
Further, British Land Co PLC, which owns some Superdry stores, would abstain on the restructuring plan and opted against a formal challenge as well, Sky News reported Friday.
https://news.sky.com/story/superdry-wins-reprieve-as-mandg-drops-challenge-to-rescue-plan-13146111
The rescue deal includes sharp rent cuts for some landlords to avoid closures, as well as several millions of pounds in aid from Superdry Chief Executive Officer & Founder Julian Dunkerton.
If the restructuring plan succeeds, shares in the company will be delisted.
Shares in Cheltenham, England-based Superdry closed 2.2% higher at 4.70 pence each on Friday in London, while M&G shares closed 1.1% lower at 199.10p each.
By Tom Budszus, Alliance News slot editor
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