Signa loses Selfridges stake to Thailand’s Central Group
Published: Wednesday, Nov 15th 2023, 13:40
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The struggling Signa Group has apparently lost 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 the news agency Reuters reported online on Wednesday. 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 purchase. Signa could not be reached for comment by APA at short notice.
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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