Superdry has benefited from the owner of its Oxford Street flagship, M&G, dropping a challenge to its rescue plan. According to reports, the global investment manager has decided against formally objecting to the retailer’s rescue plan, despite having first pondered doing so in April. M&G had already hired Hogan Lovells solicitors to review the ideas.

According to city sources, British Land—the company that owns a number of Superdry locations—also took issue with the reorganisation proposal, but they decided against filing a legal challenge.

Julian Dunkerton, the CEO of the fashion retailer, is expected to provide a multimillion-pound financing boost in addition to the rescue agreement, which will prevent UK store closures while drastically reducing rent for a number of landlords.

Should Superdry’s restructuring strategy prove effective, it also intends to delist from the London Stock Exchange.

“We continue to engage with our landlords regarding our proposed restructuring plan, which is vital for the future of the business,” a Superdry spokesman stated.