A US investor is in talks with Superdry co-founders about a bid for the chain, Sky News reports.

© Reuters. Window display at the Superdry store in London, England, March 1, 2019. REUTERS/Toby Melville

(Reuters) – U.S. asset manager Davidson Kempner, owner of Britain’s Oak Furnitureland, is in discussions with British fashion retailer Superdry co-founder Julian Dunkerton about backing a bid for the clothing company, Sky News reported on Monday, without citing sources.

The report added that talks were at a preliminary stage and there was no guarantee Davidson Kempner would ultimately sign a deal with Dunkerton.

Superdry declined to comment and Davidson Kempner did not immediately respond to a request for comment.

Dunkerton, the company’s CEO and largest shareholder, was also in discussions with RCapital and Gordon Brothers about a bid to take the troubled retailer private, Sky News reported earlier this month.

Superdry has been battling falling demand for jackets and clothing and cash shortages. It said in January it did not expect market conditions to improve in the near term after group sales fell 13.7% in a difficult Christmas quarter.

Superdry’s shares are down 73% in 2023.