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Baugur warns against quick fire sale of assets

Baugur directors Jon Asgeir Johannesson and Gunnar Sigurdsson say the company can survive the Icelandic banking turmoil and have warned against a quick fire sale of Baugur’s ‘decent’ assets.

In an interview with The Financial Times, Johannesson said: “The Icelandic nation doesn’t need a fire sale of good assets for the time being. Trying to sell retail assets at this time five minutes to Christmas is like trying to sell a Christmas tree in July, it’s impossible.”

The newspaper said that Johannesson was now positioning himself as the potential saver of Iceland. If the country holds on to Baugur’s debt and offer working capital to help buy new stock, its UK stores could act as a conduit of foreign currency to help pay off an International Monetary Fund loan.

Johannesson said: “We won’t talk our way back. We just have to do good. And earn our respect back.”

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