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Article: Bargain hunters poised to profit from Baugur's closing down sale.
- Article from:
- Marketing Week
- Article date:
- February 12, 2009
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The collapse of Icelandic retail investor Baugur in the UK has opened up a new bidding war for big-name stores such as Hamleys and House of Fraser, as the winter of economic discontent continues to bite.
The company has decided to withdraw its petition for bankruptcy protection and put its UK assets into administration, leaving its iconic brands to fly solo and await further funding.
Potential bidders include Arcadia Group's Sir Philip Green and Dragons' Den judge Theo Paphitis. Or as Baugur founder Jon Asgeir Johannesson puts it: "I expect that these good assets will end up in the hands of British vultures."
Interest in the "good assets" ...