The owner of Superdry’s Oxford Street flagship store is reportedly mulling a challenge to the fashion retailer’s survival plan, which is set to involve steep rent cuts across some of its stores.

The Superdry landlord, M&G, is understood to have drafted in lawyers from Hogan Lovells to “scrutinise” the fashion retailer’s restructuring plan, Sky News has reported.

The restructuring plan will entail steep rent cuts across 39 Superdry stores and dissatisfied landlords will have the option to terminate the leases if they do not agree with the proposed terms.

Superdry said earlier this month that, without the plan, it would need to enter administration.

While the action by M&G is not guaranteed to result in a formal legal challenge, sources have said this remains “a possibility”.

Other Superdry landlords, including Landsec, are also said to be “monitoring the situation” ahead of Superdry unveiling its detailed proposals next month.

A Superdry spokesperson said: “The restructuring plan is a process designed to secure the long-term future of our business.

“We hope our landlords will support us as we embark on putting in place our new target operating model.”

M&G declined to comment.

As part of Superdry’s survival plan, the fashion retailer also confirmed its intention to de-list from the London Stock Exchange. De-listing remains subject to shareholder approval.

At the time, co-founder and chief executive Julian Dunkerton said: “Today’s announcement marks a critical moment in Superdry’s history.”

“At its heart, these proposals are putting the business on the right footing to secure its long-term future following a period of unprecedented challenges. I am aware of the implications for all our stakeholders and I have sought to protect their interests as much as possible in the proposals we are announcing today.

“My decision to underwrite this equity raise demonstrates my continued commitment to Superdry, its stakeholders, its suppliers and the people who work for it. My passion for this great British brand remains as strong today as it was when I founded the business.”

This comes after months of speculation surrounding the embattled fashion retailer’s future, which included talks about Dunkerton taking the business private.

Speaking to Retail Week after Superdry announced its restructuring plan earlier this month, Dunkerton called it a “chance at a rebirth of Superdry”.

He said: ”We’ve held off [doing this] as long as we can. Which is basically following a well-trodden path by other British retailers. I think everybody has done something similar about right-sizing the business and getting our cost base in place so that we’ve got a very positive future, and I can focus on building the brand.

“Remember that we’re virtually the last people on the high street to go through this process and it’s not something that I take lightly. But this is what is going to save the brand and save jobs.”