The future of a major investor in the UK high street were mounting today after talks with banks over Baugur's £1 billion debt burden collapsed.
The future of a major investor in the UK high street were mounting today after talks with banks over Baugur's £1 billion debt burden collapsed.
The Icelandic group, which has stakes in retailers such as Hamleys and House of Fraser, has applied to enter the "moratorium" process in Reykjavik - which offers protection from creditors in a similar fashion to Chapter 11 bankruptcy procedures in the US.
The struggling group has an initial three weeks to find a way forward but its current woes could mean a fire-sale of its UK retail assets.
