Arion Bank to sell Iceland’s 10-11 stores to highest bidder

Iceland’s Arion Bank has today advertised the convenience store chain 10-11 for sale. The bank has owned the chain since it took over the bankrupt estate of Hagar.

Tiu-ellefu ehf. (better-known as 10-11) runs 23 convenience stores across Iceland.

10-11 was split off from Hagar and put under the control of a specially created company called Eignabjarg after Arion Bank took over the Hagar retail empire. Hagar used to be owned by Johannes Jonsson and his family, including his son, Jon Asgeir Johannesson.

The advertisement which appeared today states that all shares in Tiu-ellefu ehf. will be sold in one go. The sale will be open to all investors who can show they are able to afford the chain and have instantly available liquidity to a minimum value of ISK 300 million (EUR 1.81 million), DV reports.

Non-binding purchase offers must be received by Arion Bank on or before 18th May.

Hagar is Iceland’s biggest retail chain and used to include a variety of clothing chains and the Bonus, Hagkaup and 10-11 food stores, among other interests.

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