Another exotic figure that’s left a trail of disaster and debt
Having commented previously how AIM has its fair share of colourful characters I see that the Financial Times devoted a full page to Baugur’s fall into administration and the ‘exotic figure of mystery, controversy and banality’ that is apparently it’s founder and major shareholder Mr Jóhannesson.
The legacy of yet another exotic business figure is a heavily indebted retail group that will now be broken up with many component businesses failing altogether. What I find hard to believe is that, according to the FT, Mr Jóhannesson still believes that his business model was correct as they ‘did it the same way that many other people in other countries were doing’. To copy what others were doing doesn’t sound like justification to…
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