Icelandic investment business Stodir, which is controlled by Baugur executive chairman Jón sgeir Jóhannesson and which said in July it was acquiring 39 per cent of Baugur, has filed for administration.
Stodir – previously called FL Group – was the biggest shareholder in Glitnir, the Icelandic bank that was nationalised today.
The implications of Stodir’s administration – an application for which is going before a court today – for Baugur and its many investments in UK retail are unclear. A source close to Baugur was reported as saying that Stodir’s proposal to buy 39 per cent of Baugur has not yet been completed.
Baugur’s interests include frozen food retailer Iceland, department store business House of Fraser and toy store Hamleys.
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