Selfridges insists it’s business as usual despite co-owner’s cash crisis
Selfridges has insisted it will continue as usual this Christmas despite one of its co-owners facing a cash crunch.
The department store’s future ownership has been thrown into doubt as reports emerged that Austrian backer Signa Group had called in restructuring experts to raise money.
It comes as Signa, which bought Selfridges for £4 billion along with Central Group in 2021, ousted billionaire chairman Rene Benko last week.
It is thought the 50 percent stake in the department store could be auctioned, with Thai co-owner Central seen as the most likely buyer.
But Signa has insisted this will not impact day-to-day operations.
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A spokesperson said: ‘This changes nothing for Selfridges. Selfridges acts independently of any support from its shareholders.” In addition to Selfridges in London, Signa’s asset portfolio includes co-ownership of the Chrysler Building in New York.
Benko, 46, has built the Signa real estate empire over the past twenty years and became a billionaire at the age of forty. He is now worth an estimated £5 billion, with a portfolio worth around £20 billion.
Sources close to Signa have said it will still be ‘business as usual’ over Christmas and there will be no impact on trade or employment.
A spokesperson for Central Group said the company will ensure all its department stores “receive the support they need to continue to operate as normal.”