Selfridges sold off
The wealthy Weston family in Canada has sold off the upmarket department store chain
Selfridges, the upmarket department store group, was sold to Thai retailer Central Group and Austrian property company Signa Group for a reported £4bn.
The Selfridges chain comprises 18 department stores in England, the Netherlands and Ireland and was previously owned by the Weston family. Canadian billionaire Galen Weston bought the company in 2003 for a sum north of £600mln.
Weston died in April of this year after which rumours circulated that the chain was on the chopping block.
“Together we will work with the world’s leading architects to sensitively reimagine the stores in each location, transforming these iconic destinations into sustainable, energy-efficient, modern spaces, whilst staying true to their architectural and cultural heritage,” said Signa’s executive board chairman Dieter Berninghaus.
“We plan to fulfil the vision of the late Galen Weston to deliver his master plan and create a high-quality experience retailing environment for our customers and brand partners,” he added.
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