Debenhams Stakeholder In Financial Foul-Up
The High Street faces more trauma as an Icelandic company with a stake in a string of famous names has been forced to apply for bankruptcy protection.
Baugur owns a slice of Hamleys, House of Fraser, Debenhams, French Connection, Karen Millen and Goldsmiths among others. Confusingly, they also have a portion of frozen food giants Iceland. Baugur have made the move after the recently-nationalised Icelandic bank Landsbanki ended talks about restructuring.
Analysts are predicting a firesale of Baugur assets which could put retail giant Sir Phillip Green in the driving seat. He travelled to Iceland (the country not the shop) late last year to discuss buying up £1 billion worth of Baugur debt but the deal was not completed. Don’t be surprised if he’s readying his cheque book and licking the tip of his majestic quill as you’re reading this.
Thanks to Darren Wolstencroft and HotUKDeals.