Selfridges seized by Thai retailer

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I'm not sure if this qualifies as Thai news, but anyway, in today's UK news:

A Thai retailer has seized control of Selfridges after a key shareholder in the luxury department store was hit by a cash crunch.

Central Group said it has become Selfridges’ largest shareholder after converting a €364m (£317m) loan provided to the department store into equity.

The ownership of one of Britain’s best known retailers was plunged into doubt earlier this month after Signa investment group, which previously held a 50pc stake in Selfridges, became embroiled in financial turmoil.

Signa, which was founded by Rene Benko, the 46-year-old Austrian tycoon, also holds stakes in the Chrysler Building in New York and Berlin’s KaDeWe luxury department.

Selfridges was worth around £4bn when it was acquired by Signa and Central in 2021, suggesting Central’s stake has increased notably following the loan. Signa is expected to remain a significant minority shareholder.

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Selfridges claim that shareholders have no influence over the operation of the stores, so I guess we won't be seeing polystyrene trays of fried pork with holy basil and white rice on the shelves any time soon.