From banking to shopping, the contagion of credit problems on Monday looked set to travel straight through to some of the best known names in British retailing.
Stodir, formerly known as FL Group and an indirect investment vehicle of Icelandic entrepreneur Jon Asgeir Johannesson, has filed for administration. It was a controlling shareholder in Glitnir, the Icelandic bank that has just been taken under state control in Reykjavik.
It was also in the process of taking control of the Baugur investment vehicle, and owns a property firm called Landic and an insurer called TM.
Through Baugur, Stodir was due to become a large or controlling shareholder in the following companies – the financial status of which remained unclear on Monday. Most are clearly strong individual firms and brands, and jobs are assumed to be safe, but some level of disruption looks inevitable.
Unlisted Stodir Baugur Investments:
Karen Millen
Oasis
Warehouse
Shoe Stuido Group
Principles
Coast
Jane Norman
Julian Graves
Whittard of Chelsea
Woodward Food Service
Goldsmiths
Mappin & Webb
Hamleys
Wyevale Garden Centre
Listed investments:
Debenhams (shares down 6.8 per cent on Monday, mid-afternoon)
Moss Bros (- 28.75%)
French Connection (- 20%)
Woolworths (- 10%)