webfact Posted January 24, 2022 Share Posted January 24, 2022 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 - Aetna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. - Follow ASEAN NOW on LINE for breaking COVID-19 updates 1 2 1 Link to comment Share on other sites More sharing options...
Popular Post RichardColeman Posted January 24, 2022 Popular Post Share Posted January 24, 2022 Probably just realised that foreign workers wont work for 300 baht for 12 hours 5 3 Link to comment Share on other sites More sharing options...
Popular Post scubascuba3 Posted January 24, 2022 Popular Post Share Posted January 24, 2022 Probably just realised the department store model died years ago 3 Link to comment Share on other sites More sharing options...
Popular Post madmitch Posted January 24, 2022 Popular Post Share Posted January 24, 2022 It's a confusing article. I really don't know what's going on after reading it. 4 1 Link to comment Share on other sites More sharing options...
CrunchWrapSupreme Posted January 24, 2022 Share Posted January 24, 2022 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. Link to comment Share on other sites More sharing options...
hotchilli Posted January 25, 2022 Share Posted January 25, 2022 2 hours ago, scubascuba3 said: Probably just realised the department store model died years ago You only buy a lame duck to eat it.... Link to comment Share on other sites More sharing options...
worgeordie Posted January 25, 2022 Share Posted January 25, 2022 I thought it was already a done deal, their partners will not be very happy about that. regards Worgeordie 1 Link to comment Share on other sites More sharing options...
Tropposurfer Posted January 25, 2022 Share Posted January 25, 2022 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. 1 Link to comment Share on other sites More sharing options...
herfiehandbag Posted January 25, 2022 Share Posted January 25, 2022 Someone has had a good look at the books! 2 Link to comment Share on other sites More sharing options...
RandiRona Posted January 25, 2022 Share Posted January 25, 2022 3 hours ago, madmitch said: It's a confusing article. I really don't know what's going on after reading it. Mission accomplished!!! Link to comment Share on other sites More sharing options...
topt Posted January 25, 2022 Share Posted January 25, 2022 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........???? 2 Link to comment Share on other sites More sharing options...
Popular Post sandyf Posted January 25, 2022 Popular Post Share Posted January 25, 2022 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. 3 1 1 Link to comment Share on other sites More sharing options...
sandyf Posted January 25, 2022 Share Posted January 25, 2022 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. Link to comment Share on other sites More sharing options...
worgeordie Posted January 25, 2022 Share Posted January 25, 2022 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 Link to comment Share on other sites More sharing options...
rbkk Posted January 25, 2022 Share Posted January 25, 2022 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." Link to comment Share on other sites More sharing options...
Mr Meeseeks Posted January 25, 2022 Share Posted January 25, 2022 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? ???? 1 Link to comment Share on other sites More sharing options...
sandyf Posted January 25, 2022 Share Posted January 25, 2022 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? Link to comment Share on other sites More sharing options...
Mr Meeseeks Posted January 25, 2022 Share Posted January 25, 2022 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? Link to comment Share on other sites More sharing options...
pegman Posted January 25, 2022 Share Posted January 25, 2022 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. Link to comment Share on other sites More sharing options...
sandyf Posted January 26, 2022 Share Posted January 26, 2022 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." Link to comment Share on other sites More sharing options...
Gulfsailor Posted January 26, 2022 Share Posted January 26, 2022 (edited) 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…. Edited January 26, 2022 by Gulfsailor Link to comment Share on other sites More sharing options...
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