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LONDON (June 14): The owner of the UK high-end department stores Selfridges & Co is mulling to let go of the business after receiving an unsolicited approach valuing it at £4 billion (RM23 billion), reported Evening Standard.
The luxury department store is owned by the Weston family, who also controls Primark. It has brought Credit Suisse on board to advise the deal, according to sources.
Discussions are at an early stage and Selfridges declined to comment on the sale.
The department store was founded in 1908 by Harry Gordon Selfridge and the business was bought over by the Canadian businessman W Galen Weston for £600 million in 2003. Weston passed away earlier this year and his daughter Alannah is the chairman of Selfridges Group.
A Vogue Business report said the offer comes at an opportune time as Selfridges is struggling with reduced footfall and international tourists. The department store brand has cut 450 jobs last year.
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