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Baugur denies Icelandic government stakes reports

Baugur has denied the Icelandic government is planning to take stakes in some of its retail interests as part of its financial restructuring.

Baugur issued a statement denying yesterday’s reports that the Icelandic government could take stakes in its businesses, which include Mosaic Fashions and House of Fraser.

Baugur said: “In the wake of the collapse of the Icelandic banking system, Baugur Group has been in talks with its relationship banks regarding the restructuring of the company with the aim of maximising the long-term value of its assets and dispel any uncertainty regarding the future.”

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