Hamleys owner in "Chapter 11"

The Icelandic owner of Hamleys, the Baugur Group, has applied for bankruptcy protection after struggling with sizeable debts.
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Baugur blamed the move on Landsbanki, the Icelandic bank that was nationalised late last year.

It said the move would protect its assets as well as the interests of its creditors.

"The board of the company unanimously resolved to take this action following yesterday's decision by Landsbanki to discontinue discussions regarding a potential restructuring of the group," it said.

Baugur had already taken the decision to axe half its London staff, and close its office in Reykjavik.

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