Selfridges Is For Sale With Current Owners Set To Make $2Billion Profit

Selfridge’s, the fairytale department store is for sale. The shop’s current billionaire Canadian owners have decided to put the store up for sale after owning it since 2003, since buying the store for £598 Million – the store and its assets are now worth a reported £4 Billion – and if you’ve got pockets deep enough, you could be the owner of your very own multi-storey department store on Oxford Street. Which, due to the current climate of the past 12+ months hasn’t been a particularly popular job lately, and following the closures of the neighbouring BHS, Debenhams and House of Fraser. However, in a world of department store woe, with even John Lewis suspending bonuses for the first time in ever, Selfridge’s has managed to come out relatively unscathed. The store has seen profitability soar over the last decade, though the pandemic has seen them cut their staff by 450 (14% of total employees) in what it described as its ‘toughest year’. The billionaire Weston family are the current owners, but they’ve let on that they’ve been in talks with a mystery buyer after receiving an unsolicited bid. And the tactic appears to have worked, as it is reported there are now multiple mystery buyers circling, with bankers Credit Suisse drumming up support. All that’s needed is to secure a buyer. And reports are that the sovereign wealth funds of Saudi Arabia, Abu Dhabi and Qatar are all circling, along with Hong Kong’s Lane Crawford. Have you got pockets deep enough to outbid these money titans? Selfridges.com

idlesocietyco

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