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NEW YORK – According to a report in the New York Post this week, the Icelandic retail group Baugur has lost interest in acquiring American luxury chain Saks.
The 19-year-old Icelandic retail group, headed by Jón Ásgeir Jóhannesson, has been buying stakes in British and Danish retailers for years. It acquired an 8.08 percent stake in Saks Inc. in late July 2007, and rumors that the group was positioning for an outright takeover have swirled ever since.
The Post’s sources said that because of the credit market and dismal economic outlook, financing the deal would be nearly impossible.
Saks’ same-store sales for August were down 5.9 percent, worse than the drop of 4.7 percent predicted by analysts. Shares closed at $11.33 Wednesday and dropped to around $10.80 on Thursday’s August sales news. Shares rose to Wednesday’s levels by closing, but dropped to the $10.50 range this morning on the news of Baugur’s waning interest in the chain.
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