Thailand’s Central retail group, Signa to buy Selfridges

BANGKOK (AP) — Thailand’s Central Group and Signa of Austria have confirmed plans to buy luxury British department store chain Selfridges. The deal, reportedly worth 4 billion pounds ($5.4 billion), adds to Central and Signa’s collection of posh retailers that includes Rinascente in Italy, Illum in Denmark, Switzerland’s Globus and The KaDeWe Group in Germany and Austria. The companies said the sale is pending regulatory approvals. Selfridges Group owns 18 department stores including a historic property in London’s Oxford Street shopping district. The acquisition is Central’s latest as it expands globally from its base in Thailand, where the retailing conglomerate owns many leading retail outlets and malls.