British luxury department store, Selfridges, will soon be put up for sale at a starting price of $5.52 billion.
The company operates 25 retail locations globally, including four in the U.K. – Birmingham, London and Manchester. The company also operates storefronts Brown Thomas and Arnotts in Ireland and De Bijenkorf in the Netherlands.
Selfridges‘ bid to sell its business comes after British-Canadian billionaire Galen Weston, who owned the company, passed away at the age of 80 in April this year. Weston’s family has owned the company since 2003, according to reports.
The company’s business has also recently suffered in light of the economic challenges posed by the pandemic. To offset the losses, the company has looked to focus on local customers by rolling out an online rental service and undertaking new sustainability-focused initiatives.
Selfridges has tasked Credit Suisse to seek out investors and oversee the bidding process. The company expects to complete the deal by the end of the year, and it is said to have already received potential interest from a buyer.