The struggling fashion chain would run a four-week auction probably resulting in a pre-pack administration if creditors block a restructuring plan, according to a document seen by Sky News.
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. Sky News has learnt that the accelerated M&A process would be launched if a restructuring plan is not approved by creditors in the coming weeks.
Superdry's shares have slumped to a series of record lows in recent months amid dire trading and a failed sale process. Last month, Sky News revealed that M&G, the asset manager which owns Superdry's flagship store in central London, was weighing a challenge to its rescue plan. M&G is believed to have been alarmed by the absence of their participation in a mechanism to allow creditors to benefit from any future recovery in the retailer's performance.
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