LONDON — BG Holding ehf, a subsidiary of the troubled Icelandic retail investment firm Baugur Group, was put into administration in the U.K. on Friday by the Icelandic bank Landsbanki, one of Baugur’s creditors.
BG Holding’s investments include a 34.9 percent stake in department store chain House of Fraser through Highland Group Holdings; a 37.7 percent stake in Aurum Group, the parent company of jewelers including Mappin & Webb; a 63.7 percent stake in the toy store Hamleys, and a 13.7 percent stake in Iceland Foods Group Ltd.
The U.K. administration process is equivalent to Chapter 11 in the U.S., and the move follows Baugur Group’s application for creditor protection in Iceland last week.
“We believe that the appointment of administrators over BG Holding ehf is the best way of ensuring stability and continuity for the U.K. companies in which it has shareholdings,” Landsbanki’s resolution committee said.
A spokesman for Landsbanki said the bank has no plans to sell the shareholdings in the various businesses.
“These are good businesses, and we want to make sure they continue operating and are not distracted,” he said. “Our role is to maximize the long-term value of those assets, and we will give our full support to the management teams and operation companies concerned,” the bank stated.
Baugur said in a separate statement it had withdrawn its petition for a moratorium process on BG Holding at Reykjavík’s District Court, where the petition for creditor protection for the rest of the group is ongoing. Gunnar Sigurdsson, chief executive officer of Baugur Group, said while “very disappointed” with Landsbanki’s decision, the group would not oppose the U.K. administration process.
“In the interests of the portfolio companies, we have decided to not oppose the administration of BG Holding and will work with Landsbanki’s resolution committee and provide all possible support to the businesses,” said Sigurdsson.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)