Superdry is gearing up for an emergency four-week sale process, in case a restructuring plan is rejected.

The Cheltenham-based brand will start an accelerated mergers and acquisitions (M&A) process if chief executive, Julian Dunkerton's, restructuring plan isn't approved by creditors, as reported by Retail Gazette.

As part of the plan, Mr Dunkerton would inject £8m into the business, in an open offer available to other shareholders, or £10m in a placing that would only be available to him.

The proposed share sale would take place before Superdry delists from the London Stock Exchange.

A document circulated to creditors confirmed that rejection of the proposed plan would result in a four-week sale process of the business, which would be likely to lead to a pre-pack administration deal.

Superdry confirmed yesterday (May 21) that it expects to close some UK stores and that it has also identified 25 to 30 European stores for closure over the coming year.

It was reported last month that the landlord of Superdry's Oxford Street flagship in London was considering challenging the retailer's rescue plan, which looks to impose big rent cuts across 39 of its stores, including 15 at nil rent.