Selfridges could be sold amid co-owner crisis
Selfridges could be sold as its co-owner Signa Group faces a financial crisis.
The parent group has called in restructuring experts to raise funds and help alleviate a cash crunch.
It is believed that Signa’s stake in the department store chain is likely to be auctioned with its other co-owner, Central, the most likely buyer, The Sunday Times has reported.
Signa and Central, which jointly purchased Selfridges for £4bn last year, own a number of department store businesses across Europe.
Signa – a retail and property group – has recently been hit by increasing borrowing costs and falling property valuations as it has looked to expand.
Last week, its shareholders looked to remove the group’s chair René Benko.
Central told The Sunday Times it remained committed to all of its department stores.
Selfridges said: “This does not change anything for Selfridges. Selfridges trades independently of any support from its shareholders.
“We are delighted to have the ongoing and unwavering support of Central Group. We are very focused and excited by the Christmas period and welcoming our customers into our stores for an exceptional experience”.
In October, Selfridges reported it had recorded an increase in revenue for the year ending 28 January 2023, but still faced losses.