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(Bloomberg) — Central Retail Corporation, one of Thailand’s largest retailers, is open to investing in iconic department store Selfridges if the right conditions are met.
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The company said in a statement to the Stock Exchange of Thailand on Friday that new investments will be evaluated based on whether they are consistent with Central Retail’s strategic business plan, appropriately priced and at the best timing. Ta. The company said it had not heard from Selfridge’s parent company and majority owner Central Group about the investment since November.
The statement follows reports that Central Group is looking for a new investment partner due to Selfridges’ potential cash crunch. According to financial statements filed last week, the department store’s holding company, Cambridge Properties Holding Co., is facing future debt obligations after Cambridge’s co-owner, Cigna Prime Selection AG, filed for bankruptcy. It has been revealed that the company is in talks with Central Group about future funding to pay for the
Read more: Selfridges turns to Thai partner for cash as Cigna stalls
Central Retail, which operates shopping malls in Vietnam, Italy and Thailand, turned down an investment proposal in Selfridges in 2022. The company said in a statement that investments must contribute positively to the company and prioritize the best return for shareholders.
Central Group acquired Selfridges in 2022 with René Benko’s Cigna, and together they co-own the property and operating business. Interest payments on the property company’s 2.2 billion pounds ($2.8 billion) of debt have soared since then, leaving it reliant on support from owners.
Central Group also controls other Selfridges Group department stores, including Brown, Thomas & Arnotts in Ireland and De Bienkorff in the Netherlands.
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