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Baugur investor files for administration

Icelandic investment firm Stodir, controlled by Baugur executive chairman Jon Asgeir Johanesson, has filed for administration.

The move follows the Icelandic government's €600 million (£477.7m) bail out of bank Glitnir, in which Stodir was a major shareholder.

Stodir was understood to be in the process of securing a 39% stake in Baugur, which has investments in UK retailers including House of Fraser, Oasis and Warehouse.

It is unclear what impact the administration may have on any of these businesses.

Readers' comments (3)

  • OMG....Any more news on this?
    Just read today that Baugers profits were up but only due to stonking, big sales in..........Russia.
    Russia and Icelandic investors.
    The Guardian got stopped in the courts from pursuing the story.....and there was silly me thinking it was all about selling frocks.

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  • ....and another thing........this is going to put the cat amongst the Landlord pigeons. All those units occupied by the same company or an offshoot of parent company. They own a chunk of French Connection too.........This credit Crunch is turning into something else entirely.
    I remember the 90's and have been thinking it may be similar this time....but what is going on is a whole new ball game.
    Just as the shiny, buy to let 2 bed appt blocks (many empty or repo'd) seem to a symbol of the 'boom then bust', could all the clone shopping centres be next to suffer?
    Turned out there wasn't any real money or solid foundation for the economy booming afterall.........

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