Administrators cull Baugur staff
PwC administrators makes majority of Baugur employees monitoring stake in UK High St redundant
25 of the 30 staff tasked by Baugur to keep an eye on its stake in some of
the UK’s most prominent high street names have been made redundant by
administrators from PwC.
Most employees that face redundancy were encouraged to pour their cash into
the company’s share-save scheme, and will walk away with just one week’s pay.
The move comes after Baugur’s biggest creditor Landsbanki forced BG Holdings
into administration. BG Holdings is the holding company which controlled
Baugur’s stake in Iceland, House of Fraser, Hamleys and the Aurum jewellery
Baugur can now not sell any of these assets without Landbanki’s consent.