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.

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.

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.

[Via: Telegraph]

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