EMBATTLED Superdry will publish a restructuring plan over the coming days which will entail steep rent cuts across a large number of its 94 stores.

Sources told Sky News City editor Mark Kleinman, who was the first to report on the development, that the retailer was not to announce any closures across its estate but said landlords would have the option to end their lease if they were not happy with the terms of the deal.

"The scale of the proposed rent cuts will be determined by each store's financial performance," the source said.

Yesterday, Superdry said it is in the "advanced stages of preparing a restructuring plan, which is expected to launch in the coming days".

"However, there is no certainty that such a restructuring plan will be implemented," it said.

Its survival bid, which will require approval of its creditors, comes weeks after founder Julian Dunkerton failed to find the backing to take the company private.

Shares closed down 5.88 per cent.

(c) 2024 City A.M., source Newspaper