Thai retailer Central Group has taken control of Selfridges following problems at partner Signa, with which it bought the famous department store in a $5bn deal.
Central and Signa acquired Selfridges in 2021 but earlier this month, tycoon Rene Benko’s Signa was forced into restructuring, raising questions over the future of its stake in the department store.
However, Central will take majority control of Selfridges, which also owns Brown Thomas & Arnotts in Ireland and De Bijenkorf in the Netherlands, Reuters reported.
A Central Group spokesman said: “The move solidifies Central Group as an owner-operator of the largest European luxury department store group.”
Selfridges had previously indicated that Signa’s difficulties would not impact it. When Signa’s problems emerged at the start of the month, a Selfridges spokesperson said: “This does not change anything for Selfridges. Selfridges trades independently of any support from its shareholders.
“We are delighted to have the ongoing and unwavering support of Central Group. We are very focused and excited by the Christmas period and welcoming our customers into our stores for an exceptional experience.”
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