Central Group to buy famous department store chain Selfridges

[webfact]

 

By Cod Satrusayang

 

Thai retail giants Central Group are set to buy the famous British luxury department store chain Selfridges, UK Media reported on Thursday. 

 

The deal, which is hoped by Selfridges ownership group to be completed before the end of the year, is believed to be worth some 4 billion pounds sterling (179.22 billion baht).

 

The Times, which first reported the news, said that the terms of the acquisition by Central Group was agreed to in “the last few days.”

 

Full story: https://www.thaienquirer.com/35471/central-group-to-buy-famous-department-store-chain-selfridges/

 

-- © Copyright Thai Enquirer 2021-12-02

 

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[ThailandRyan]

CG stretching out globally to become a bigger giant then they already are.  Hopefully this expansion will not be met with their empire dwindling like others who have gone before them in becoming huge conglomerates.

[tonray]

3 minutes ago, ThailandRyan said:

CG stretching out globally to become a bigger giant then they already are.  Hopefully this expansion will not be met with their empire dwindling like others who have gone before them in becoming huge conglomerates.

GF is a store manager....they have eliminated employee bonuses for 3 years, cajoled manager level staff to buy stock at IPO (at 42...dropped immediately after IPO) and use IPO proceeds to expand internationally, while treating staff like cattle here. Some 20+ store managers have quit without cause nationwide in the past year, when asked in a meeting about re-instating bonuses as everyone was working extra during Covid (supermarkets never closed but now had additional burden of online + sterilization duties) they were told "you know where the door is" (paraphrasing....whatver the Thai version of that is. )

[Artisi]

Maybe Selfridges should make reverse offer - yeah right, could you see Thailand  allowing a foreign country buy anything here? 

[whiteman]

Maybe Selfridges should make reverse offer - yeah right, could you see Thailand  allowing a foreign country buy anything here? 

 

Seems Thailand is more Chinese than it wants to make out to be. Buy the world but you can not buy us more than 49%

[xylophone]

3 hours ago, tonray said:

GF is a store manager

GF ?????

[Liverpool Lou]

3 hours ago, ThailandRyan said:

CG stretching out globally to become a bigger giant then they already are.  Hopefully this expansion will not be met with their empire dwindling like others who have gone before them in becoming huge conglomerates.

"Hopefully this expansion will not be met with their empire dwindling..."

Why would you wish that fate on them?

[Liverpool Lou]

1 hour ago, Artisi said:

Maybe Selfridges should make reverse offer - yeah right, could you see Thailand  allowing a foreign country buy anything here? 

Foreign companies cannot "buy anything in Thailand"?   Since when?

[Liverpool Lou]

25 minutes ago, whiteman said:

Thailand ... Buy the world but you can not buy us more than 49%

As a generalisation, that's incorrect.  

[mavi]

did they started their business by selling fridges ?

 

[hotchilli]

Business as usual.

Selfridges was up for sale, CG had the money.

[Chiwi]

4 hours ago, Artisi said:

Maybe Selfridges should make reverse offer - yeah right, could you see Thailand  allowing a foreign country buy anything here? 

Excluding the Asian Financial Crisis when foreigners bought many things, there have been plenty of foreign acquisitions. BigC, then majority owned by Casino of France acquired 100% of Carrefour Thailand. MUFG from Japan bought a majority stake in BAY bank. Then Singaporeans of course took a majority stake in AIS. Plenty of smaller companies, especially in the last decade in the startup space. FoodPanda bought FoodByPhone if any old timers remember that business.

[xylophone]

3 hours ago, xylophone said:

GF ?????

Ah, got it now. Duh!

[madmitch]

13 minutes ago, xylophone said:

Ah, got it now. Duh!

Too much wine last night, Xylo?

[zzaa09]

3 hours ago, Liverpool Lou said:

Foreign companies cannot "buy anything in Thailand"?   Since when?

Indeed.

Such promotions are based ever-revolving myths that are repeated over and again. It sticks.

[ThailandRyan]

4 hours ago, Liverpool Lou said:

"Hopefully this expansion will not be met with their empire dwindling..."

Why would you wish that fate on them?

Did I wish that fate on them with my statement as you say, or was it a statement made of prior facts in evidence. Wait your just baiting and trolling me again aren't you. Again taking a post and not quoting it in its entirety to change the meaning for your own agenda ie... baiting.

[BostonRob2]

2 hours ago, mavi said:

did they started their business by selling fridges ?

 

No fish, but that name sounded a bit naff. 

[PETERTHEEATER]

2 hours ago, xylophone said:

Ah, got it now. Duh!

What is DUH?.....????

[Thingamabob]

Everything seems to be up for sale in the UK.

[Megasin1]

All of these behemoth department stores are dying out as high streets become barren wastelands full of pound shops, pawn shops, the homeless and the cash only poor people. You can thank your lucky stars that you still have department stores in Thailand to wander around in and can browse fairly safely without being accosted for 'spare change' as soon as you step out the door. Unless this is just an expensive way to rebrand central I can't see why any company could benefit from purchasing a now defunct department store chain. I doubt the new generation even know what Selfridges is ????

[BritManToo]

8 hours ago, Artisi said:

Maybe Selfridges should make reverse offer - yeah right, could you see Thailand  allowing a foreign country buy anything here? 

Selfridges is Canadian owned.

[MaiDong]

Could be a sly move by the owners of Selfridges, what with dwindling high street sales in the UK on recent years. 

[Liverpool Lou]

5 hours ago, ThailandRyan said:

9 hours ago, Liverpool Lou said:

"Hopefully this expansion will not be met with their empire dwindling..."

Why would you wish that fate on them?

Did I wish that fate on them with my statement as you say, or was it a statement made of prior facts in evidence. Wait your just baiting and trolling me again aren't you. Again taking a post and not quoting it in its entirety to change the meaning for your own agenda ie... baiting.

My apologies, I misread your comment, that's all.   I thought that you were saying that you hope that the expansion will be met with their empire dwindling.  My mistake...this time!

Edited December 2, 2021 by Liverpool Lou

[smutcakes]

3 hours ago, Megasin1 said:

All of these behemoth department stores are dying out as high streets become barren wastelands full of pound shops, pawn shops, the homeless and the cash only poor people. You can thank your lucky stars that you still have department stores in Thailand to wander around in and can browse fairly safely without being accosted for 'spare change' as soon as you step out the door. Unless this is just an expensive way to rebrand central I can't see why any company could benefit from purchasing a now defunct department store chain. I doubt the new generation even know what Selfridges is ????

I dont particularly like Central, and i certainly don't like the virtual Monopoly they are afforded in the Thai market, but Central are no dummies- i am sure they are far more knowledgeable than you or I and no doubt have done their due diligence.

[Liverpool Lou]

3 hours ago, MaiDong said:

Could be a sly move by the owners of Selfridges, what with dwindling high street sales in the UK on recent years. 

You really think that Central isn't aware of what's going on in the high streets?

[Albert Zweistein]

12 hours ago, Liverpool Lou said:

As a generalisation, that's incorrect.  

Any proof ? Just curious.

[Gulfsailor]

I assume Central is well aware of the gloomy future of high street department stores. I don’t think they are in it for the warehouse brands included in this deal, but are after the real estate property. Central is also a very experienced hotel group and many of those fancy European malls make for some great hotels in the best locations. You may shop online, but you can’t sleep online…

[Liverpool Lou]

8 hours ago, Albert Zweistein said:

Any proof ? Just curious.

Proof of what?  That foreign companies can make purchases in Thailand over the 49% level?  Why do I need to prove that?  It's freely available information, try Google for a start.

Edited December 3, 2021 by Liverpool Lou

[ThailandRyan]

14 hours ago, Megasin1 said:

All of these behemoth department stores are dying out as high streets become barren wastelands full of pound shops, pawn shops, the homeless and the cash only poor people. You can thank your lucky stars that you still have department stores in Thailand to wander around in and can browse fairly safely without being accosted for 'spare change' as soon as you step out the door. Unless this is just an expensive way to rebrand central I can't see why any company could benefit from purchasing a now defunct department store chain. I doubt the new generation even know what Selfridges is ????

Internet sales have spawned their demise unfortunately.  When one can order from the comfort of their home and then return it should it not meet their expectations, well then we have what we have.  From quick meals, drive throughs, and the internet web sites and apps, the world has become  one of easiness.  How many remember when Stores of all types had closing hours where no one except the stock people worked at night, to the now 24/7 establishments.

[Mr Meeseeks]

Brick and mortal retail is an endangered species.

 

Strange move, although there are obvious motivations for Thai business people to invest in Western companies due to prestige etc.