Selfridges’ future in doubt as Signa topples chair

The future ownership of Selfridges has been thrown into doubt by a financial crisis engulfing its Austrian co-proprietor Signa Group. The property empire built by René Benko jointly bought Selfridges with Central Group, the Thai conglomerate, in a £4bn deal last year. Shareholders have ousted Benko as chair as a cash-crunch threatens his €23bn empire. Signa will now embark on a restructuring programme, with a sale of its stake in the London store seen as a probable result. After buying Selfridges in August last year, Signa announced plans to develop a hotel next to its Oxford Street flagship store and overhaul its food hall, but there has been no tangible progress on either. Benko’s offices in Innsbruck were raided in October last year as part of an investigation into government corruption. No charges have been brought. The Times (£)The FT (£)