An Icelandic firm with interests in Wyevale Garden Centres and two leading UK department stores has asked for protection from creditors.
This morning the Baugur Group and a number of its wholly owned subsidiaries including BG Holding have applied to the District Court in Reykjavik to enter into the moratorium process.

The huge firm has interests in Wyevale Garden Centres, Debenhams, House of Fraser and Iceland.

Baugur's board unanimously made the decision after talks with Icelandic bank Landsbanki over a potential restructuring of the group broke down yesterday.

A spokesman for the company said: "This action has been taken in order to protect the group's assets as well as the interests of all creditors."

Baugur Group also has interests in Hamleys, Goldsmiths, Mappin & Webb, Watches of Switzerland, Whistles, Illum in Denmark, Magasin du Nordal also in Denmark), Souk of Sweden, All Saints, Jane Norman, Mosaic Fashions, Karen Millen, Coast, Oasis, Nine West, Pied a Terre and Day Birger et Mikkelsen of Denmark.