Signa has probably reduced its stake in Selfridges to 45 percent
Published: Wednesday, Nov 15th 2023, 15:10
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The struggling Signa Group has apparently reduced its stake in the British luxury department store chain Selfridges.
The Thai co-owner Central Group is said to have taken control of the department store chain as majority owner, as the news agency Reuters reported online on Wednesday. Persons familiar with the matter told APA that Signa is said to have reduced its stake to 45 percent.
"With this step, Central Group is consolidating its position as the owner and operator of Europe's largest luxury department store group," wrote Central Group on the LinkedIn platform.
Purchase did not take place until 2022
In August 2022, Signa and Central Group completed the takeover of the department store chain, with the purchase price estimated at 4 billion euros at the time, according to dpa information. Signa and Central Group each held a 50 percent stake in Selfridges at the time of the purchase. Signa did not comment on the report.
The Tyrolean real estate group is currently in a huge crisis. In the wake of difficulties, particularly in the real estate business, where losses have accumulated due to high devaluations, and due to liquidity concerns, real estate investor Rene Benko had to hand over the helm of the group to the German restructurer Arndt Geiwitz last week.
Geiwitz is now Chairman of the Advisory Board and the Shareholder Committee of Signa. For Signa Prime and Signa Development, Geiwitz has also brought Ralf Schmitz into the two companies for the operational implementation of the restructuring.
In Switzerland, the Globus Group and its properties are also owned equally by Signa and the Central Group. The Central Group of the Chirathivat family made a verbal commitment to Globus a week ago. "Irrespective of the position of our joint venture partner, Central Group intends to support all its European luxury businesses, including Globus," it said in this context.
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