Selfridges’ owner the Weston family has agreed to sell the iconic high-end department store chain to Thai private conglomerate Central Group for £4bn.
The Canadian billionaires have reached an agreement with Central Group in the last few days, hoping to close the deal by the end of the month, the Times reported.
Founded by American retail magnate Harry Gordon Selfridges in 1908, the chain has now more than 25 department stores across the world including in London, Manchester and Birmingham.
After owning it for 18 years, the Weston family launched a formal auction in July to sell the business, initially attracting interested parties such as the Abu Dhabi Investment Authority and Hong-Kong department store Lane Crawford, luxury magazine Luxury London wrote in July.
When contacted by City A.M., Selfridges declined to comment.