Iconic British departmental store Selfridges could soon be sold for over $5.7 billion

Selfridges is reportedly up for sale, with its owners currently exploring options to list it on the market. The saga is said to have started after a mystery buyer approached the business with an offer to buy it, as per reports.

The current owners – the Weston family, believed to be seeking around £4 billion or over $5.6 billion for the store, which apparently cost them £598 million back in 2003. The iconic retail venue was originally opened by founder Harry Gordon Selfridge in 1909.

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The deal is expected to include the UK Selfridges department stores, Ireland’s Brown Thomas and Arnotts, and Netherlands-based De Bijenkorf; however, it is unclear whether the entire group would be sold in one go. Global giant Credit Suisse will act as the advisor in the transaction that could soon be underway.

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Despite the pandemic, Selfridges has managed to tide over and is a highly priced asset as of today. Department stores off late have been under pressure from online competition and changing shopper trends, which could have caused the Weston’s to contemplate a sale as well. The family, however, has remained unavailable for comment on the reports hinting the same.

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[Via: Telegraph]