Baugur Group, the Icelandic investor which bought retailers in a 10-year acquisition spree before collapsing earlier this year, has filed for bankruptcy after a judge denied the company more time to restructure.
Baugur Group, the Icelandic investor which bought retailers in a 10-year acquisition spree before collapsing earlier this year, has filed for bankruptcy after a judge denied the company more time to restructure.
Debt at Baugur, whose investments included London’s Hamleys toystore and a stake in Saks Inc., exceeds the value of its assets by 148 billion kronur ($1.3 bn), the Reykjavik district court said last week. 'Following the ruling, we have no choice but to file for bankruptcy,' Baugur Chairman Kristin Johannesdottir said in a subsequent e-mailed statement.
