Magasin owner seeks creditor protection

The Icelandic Baugur Group - which owns Magasin du Nord and Illum in Denmark, has petitioned for protection from creditors.
The Icelandic Baugur Group - which owns Magasin du Nord and Illum in Denmark, has petitioned for protection from creditors.
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The Baugur Group, which among other assets owns Magasin du Nord and Illum in Denmark, the House of Fraser and the Iceland Food Chain in the United Kingdom, and the Stockholm-based SOUK store, has petitioned the court in Reykjavik for a moratorium process to provide protection against creditors.

The department stores and supermarket chains in the group employ some 27,745 employees.

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