De Bijenkorf store chain for sale for 4.7 billion euros | Economy

De Bijenkorf store chain for sale for 4.7 billion euros | Economy

Department store chain De Bijenkorf is for sale. This is reported by the British newspaper The Guardian. According to the newspaper, the Canadian-British owners have put the retail venture up for sale, along with British department store chain Selfridges and two department stores in Ireland for £4 billion.

The sale is to be done through an auction supervised by the Swiss bank Credit Suisse to a select group of interested parties, according to The Guardian. The wealthy Weston family that owns the stores is said to have already indicated last month that it was considering a sale, after approaching an unknown buyer. That rapprochement came just weeks after the death of family head Galen Weston in April, who led the 2003 acquisition of Selfridges. In 2011, the Westons bought the Bijenkorf and the chain was added to the department store empire of the business family.

Reportedly, the Weston family no longer has the “conviction to continue” with the stores, after the difficult period in the corona crisis and competition from online stores. De Bijenkorf has seven branches in Amstelveen, Amsterdam, The Hague, Eindhoven, Maastricht, Rotterdam and Utrecht.

The Guardian says that potential buyers of the stores could be parties from Asia and the Middle East, for example. Central Retail group from Thailand, which already owns several European luxury department stores, is mentioned, as is HBC, owner of the American Saks Fifth Avenue. Several Middle East-backed companies and investment fund Qatar Investment Authority are also said to be interested.

A deal is hoped to close before the end of this year, although the Weston family could also decide to forgo a sale, the paper said.

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De Bijenkorf store chain for sale for 4.7 billion euros | Economy
Source link De Bijenkorf store chain for sale for 4.7 billion euros | Economy

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