Brown Thomas safe from insolvency move

Brown Thomas Arnotts was bought for €4.7bn in late 2021 in a deal that saw their parent company, Selfridges Group, acquired by a Thai and Austrian consortium

Brown Thomas store decorated for Christmas Pic: Larry Cummins

European property giant, Signa, which in 2021 entered a consortium with Thai company, Central Group to buy Brown Thomas Arnott's through its parent company, Selfridges Group, has filed for insolvency after failing to secure emergency funding. 

The Austrian group, founded in 1999 by business mogul, Rene Benko filed for insolvency on Wednesday in Vienna, with the aim of managing its restructuring as a debtor-in-possession, according to an emailed statement from the company.