Saturday, March 14, 2009

Baugur Group files for bankruptcy

The Icelandic investment company Baugur has filed for bankruptcy. The company’s protection from creditors was cancelled by a Reykjavik court on Wednesday.

Baugur controlled retail chains employing 50 000 people in the UK, Scandinavia and Iceland.

Jon Asgeir Jóhannesson says that Baugur’s bankruptcy will not affect Hagar, which operates the Bónus and Hagkaup grocery stores in Iceland, nor the media company 365

The photo shows Jon Asgeir and Kristin Johannesdottir ,chairwoman of Baugur

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