Baugur, the Icelandic investment group that bought various UK and other retailers in the last decade, could fall into administration after Landsbanki called in its £1bn debt. The Icelandic bank said Wednesday it had asked PwC to step in and run the business, which owns stakes in retailers including House of Fraser, Hamleys toy shop and Saks, the US department store. But Baugur has filed for protection from creditors in Reykjavik. Jón Ásgeir Jóhannesson, Baugur chairman, attacked Landsbanki for delivering the company to “British vultures” – potential bidders such as retail entrepreneur Sir Philip Green or buyout firms such as Alchemy Partners. At least, says Lombard, this clears some uncertainty about Baugur’s fate.

This entry was posted by Gwen Robinson on Thursday, February 5th, 2009 at 5:51 and is filed under Capital markets. Tagged with baugur, landsbanki. Edit this entry.