Central Retail says will not engage in Selfridges acquisition

[webfact]

 

By Panithan Onthaworn

 

Central Retail Corporation (CRC), the retail arm of Thailand’s Central Group, said on Monday that it will not participate in the investment of Luxury British store chain Selfridges.

 

CRC chief executive Yol Phokasub reported to the Stock Exchange of Thailand that the board of directors held last week agreed to “decline to invest, whether in whole or in part, in the Selfridges Group.” 

 

In December, Central and Austria’s Signa Holding announced that they would be buying Selfridges for around USD 5.36 billion. The agreement was signed by CRC’s major shareholder Harng Central Department Store (HCDS) Co., Ltd.

 

Full story: https://www.thaienquirer.com/36867/central-retail-says-will-not-engage-in-selfridges-acquisition/

 

-- © Copyright Thai Enquirer 2022-01-25

 

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[RichardColeman]

Probably just realised that foreign workers wont work for 300 baht for 12 hours 

[scubascuba3]

Probably just realised the department store model died years ago

[madmitch]

It's a confusing article. I really don't know what's going on after reading it.

[CrunchWrapSupreme]

48 minutes ago, scubascuba3 said:

Probably just realised the department store model died years ago

The two storied, Japanese dept stores in BKK, Isetan and Tokyu, just closed down in recent years. They'd already been on the decline due to less tourism and expats, then Covid was the final nail in their coffin.

 

Central underwent a restructing into two parts, Central Pattana and Central Retail. They tried issuing an IPO for the latter. It unfortunately came right when Covid spiked and led to most of the initial lockdowns.

 

Meh. How about this Thailand:

1) Educate your new generations better, geared toward meaningful industries. Passing them for doing nothing probably isn't a good idea.

2) Either have them start, or lure in more foreign business that'd put them to work.

3) Have them paid well, so then maybe they can buy some stuff.

[hotchilli]

2 hours ago, scubascuba3 said:

Probably just realised the department store model died years ago

You only buy a lame duck to eat it....

 

[worgeordie]

I thought it was already a done deal, their partners will not be

very happy about that.

regards Worgeordie

[Tropposurfer]

2 hours ago, scubascuba3 said:

Probably just realised the department store model died years ago

It seems this is whats happening. Sad as I really enjoy strolling through and buying in these iconic stores. Hope we return en mass to patronising such ways of shopping.  

[herfiehandbag]

Someone has had a good look at the books!

[RandiRona]

3 hours ago, madmitch said:

It's a confusing article. I really don't know what's going on after reading it.

Mission accomplished!!!

[topt]

1 hour ago, worgeordie said:

I thought it was already a done deal, their partners will not be

very happy about that.

regards Worgeordie

From the linked article

Quote

In December, Central and Austria’s Signa Holding announced that they would be buying Selfridges for around USD 5.36 billion. The agreement was signed by CRC’s major shareholder Harng Central Department Store (HCDS) Co., Ltd.

and

Quote

He added that the board believes that HCDS’s investment will allow CRC to benefit

So in theory it appears it is HCDS (whoever owns that) and not CRC who are putting the money in - not sure how HCDS relates to Central Group overall........????

[sandyf]

6 hours ago, RichardColeman said:

Probably just realised that foreign workers wont work for 300 baht for 12 hours 

Bit of an ignorant comment. Central already has a significant presence in Europe with 13 stores in Switzerland, 9 in Italy and 3 in Germany.

But why miss an opportunity to make something up and run down a successful business because it is Thai based.

[sandyf]

4 hours ago, scubascuba3 said:

Probably just realised the department store model died years ago

More likely that they have realised the UK is on a downhill slope, the price could be a lot less in a couple of years time.

[worgeordie]

3 hours ago, topt said:

From the linked article

and

So in theory it appears it is HCDS (whoever owns that) and not CRC who are putting the money in - not sure how HCDS relates to Central Group overall........????

I believe HCDS are more into property , while Central would have

been running it as they have experience in retail .

regards worgeordie

[rbkk]

7 hours ago, madmitch said:

It's a confusing article. I really don't know what's going on after reading it.

They have declined to invest after "Due diligence."

[Mr Meeseeks]

2 hours ago, sandyf said:

More likely that they have realised the UK is on a downhill slope, the price could be a lot less in a couple of years time.

Have you been paying attention to the state of Thailand since 2014? ????

[sandyf]

2 hours ago, Mr Meeseeks said:

Have you been paying attention to the state of Thailand since 2014? ????

What has the state of Thailand got to do with the success of a multi national conglomerate?

[Mr Meeseeks]

8 minutes ago, sandyf said:

What has the state of Thailand got to do with the success of a multi national conglomerate?

What has your perceived "state of the UK" got to do with Central Retail not investing in Selfridges? 

[pegman]

This may just be  some sort of semantics within the central group of companies. There is nothing in the Canadian financial news about this.  You would think there would be seeing that it was owned by a Canadian family. 

[sandyf]

17 hours ago, Mr Meeseeks said:

What has your perceived "state of the UK" got to do with Central Retail not investing in Selfridges? 

Obviously you paid little attention to what I posted previously.

 

"More likely that they have realised the UK is on a downhill slope, the price could be a lot less in a couple of years time."

[Gulfsailor]

It means that Selfridges has no future as a mall. It will be stripped, sold of in parts and the beautiful buildings in prime locations will be converted to hotels, cue Central….