Baugur Boss Admits Mistakes to British Media Skip to content

Baugur Boss Admits Mistakes to British Media

Former chairman of Baugur Group Jón Ásgeir Jóhannesson admitted in an interview in the latest issue of The Sunday Times that he had made costly mistakes in his UK investments. Baugur declared bankruptcy last week.

Jón Ásgeir Jóhannesson. Copyright: Icelandic Photo Agency.

“I am still in a state of shock,” Jóhannesson told The Sunday Times. “It all happened so quickly I haven’t realised [sic] what happened. But it has been a total disaster scenario. I’m sad. I spent 11 years building this up. But I guess this is life. It is what it is.”

But while admitting the mistakes he had made, Jóhannesson also vowed that he would return. “We definitely had too much on our plate. Not only the retail, but other things that were taking up our time. We will do it differently next time—it will be smaller, more focused.”

CEO of Baugur in the UK Gunnar Sigurdsson admitted in the same interview that the company had been too heavily leveraged, however stating that it would have been able to withstand a normal downswing, although such a deep recession had proven too much, Fréttabladid reports.

Click here to read more about Baugur’s bankruptcy.

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