Selfridges future ownership in doubt as co-owner faces financial crisis

The future ownership of Selfridges Group is uncertain as its co-owner Signa Group - the property empire built by René Benko - faces financial crisis.

Signa has called in restructuring experts to help it raise money after being hit by rising borrowing costs and falling property valuations, according to The Sunday Times.

Shareholders at Signa last week sought to oust chair René Benko. It is understood that Arndt Geiwtiz, a German restructuring expert, will be appointed to oversee a rescue.

Selfridges Group was acquired by Signa Holding and Thai conglomerate Central Group from the Weston family last year.

The group's portfolio, which includes stores under four names - Selfridges in England, Brown Thomas and Arnotts in Ireland, and De Bijenkorf in the Netherlands - was integrated into Signa and Central's combined existing portfolio of luxury department stores following the acquisition.

Central, which remains committed to "all of its luxury department stores", is thought to be the most likely buyer should Signa need to sell its stake in Selfridges.

Selfridges told The Sunday Times: "This does not change anything for Selfridges. Selfridges trades independently of any support from its shareholders.

"We are delighted to have the ongoing and unwavering support of Central Group. We are very focused and excited by the Christmas period and welcoming our customers into our stores for an exceptional experience."

The Selfridges department store on Oxford Street unveiled its festive window displays last week, showcasing a "cabaret-inspired theatrical extravaganza". The Christmas windows took over 100 hours to install by a team of more than 50 people.