Troubled Signa Group has apparently cut its stake in British luxury department store chain Selfridges. It was not until 2022 that 50 percent of the department store chain was acquired and with it control of the company – this would now have gone to Thailand.
Thai co-owner Central Group would now be the majority owner of the department store chain, Reuters news agency reported online on Wednesday. Signa is said to have reduced its stake to 45 percent, according to people familiar with the matter.
The purchase price was 4 billion euros
“With this move, the Central Group consolidates its position as owner and operator of Europe’s largest luxury department store group,” the Central Group wrote on the LinkedIn platform.
In August 2022, Signa and Central Group completed the acquisition of the department store chain; according to information from dpa, the purchase price was set at 4 billion euros. At the time of purchase, Signa and Central Group each held a 50 percent stake in Selfridges. Signa did not comment on the report.
Signa tries to reduce herself to health
The Tyrolean real estate group is currently going through a huge crisis. Due to difficulties, especially in the real estate sector, where losses were piling up due to high devaluations and due to liquidity problems, real estate investor René Benko had to hand over the helm of the group to German redeveloper Arndt Gvezelz last week. .
Gietenz is now chairman of Signa’s advisory board and shareholder committee. For Signa Prime and Signa Development, G Proteinz has also engaged Ralf Schmitz to carry out the operational implementation of the restructuring at both companies.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
