Baugur delays Saks bid

Source: Retail Digital

Date :9/5/2008 1:45:57 AM

The Baugur Group has revealed that it is unlikely to pursue a bid this year for Saks Inc, the US department store chain, according to the New York Post.

In August, Executive Chairman Jon Asgeir Johannesson said that the Icelandic investor was actively interested in making a bid for the retailer.

Johannesson said in an earlier interview that Saks is a “great brand” and that the group was still looking into the company. In a regulatory filing last year, Baugur said that it intends to hold talks with Saks about a possible acquisition.

Baugur recently sold its property, media and technology arms which has freed up money that could be used for further acquisitions.

However, the current economic outlook and credit crunch has caused the company to hold off bids until next year.