Beatties linked with Icelandic government
Beatties department stores in Wolverhampton and Dudley could soon be part-owned by the Icelandic government if a deal to rescue crisis-hit owner Baugur can be sealed over the next few days.
Beatties is now part of the House of Fraser empire which is owned by the Icelandic investment group.
The possible deal would seen the Reykjavik government and creditors of Iceland's failed banks owning a stake in Baugur firms including House of Fraser, Hamleys and jewellery chain Goldsmiths.
It is thought the Reykjavik government would leave the group under the control of UK management, using its share of the income to shore up its economy.
But that depends on the Icelandic government settling its dispute with the British government, which used anti-terror legislation to freeze assets of Landsbanki, one of Iceland's collapsed banks to protect UK depositors in its online arm, Icesave.