Baugur files for bankruptcy

The beleaguered retail investor Baugur has been forced to file for bankruptcy after the moratorium process protecting it from its remaining creditors was not extended by a court in Iceland. Following a board meeting at 5pm yesterday, Baugur threw in the towel, although the implications for the high street retailers, including the Jane Norman fashion chain, in which has stakes is unclear. It said: "The court's ruling is a disappointment to everyone at Baugur."