Saudi Arabia’s Public Investment Fund (PIF) has announced its acquisition of a 40% stake in the Selfridges Group, a move that aims to revitalize the iconic retailer and address concerns over its ownership stability. This acquisition comes in the wake of significant turmoil within the company, following Austrian property group Signa’s bankruptcy filing last November. Signa previously held the stake in Selfridges, which it had purchased in a joint deal with Thailand’s Central Group in 2021 for £4 billion.

The remaining 60% of Selfridges is still owned by Central Group, which has now partnered with PIF to further develop the brand while honoring its longstanding legacy. The collaboration is expected to “unlock further value” for the department store, renowned for its creative displays and luxury offerings at its historic flagship location on Oxford Street.

Selfridges, founded in 1909 by Harry Gordon Selfridge, has faced various challenges in recent years, including a staggering £1.7 billion in debt and the departure of its CEO, Andrew Keith, earlier this year. Industry analysts view the investment from PIF as a significant step toward achieving financial stability for the retailer.

Richard Hyman, a retail expert, emphasized that while the investment is promising, Selfridges must prioritize strong leadership and effective retail strategies over distractions such as plans for a luxury hotel or international expansion. “Proper retailing needs to be at the forefront of their strategy,” Hyman stated, urging the company to focus on its core business.

The PIF, which manages assets worth approximately £550 billion, has made high-profile investments in companies such as Aston Martin, Uber, and Heathrow Airport. Its involvement with Selfridges is anticipated to provide the financial backing needed to bolster the department store’s growth prospects.

However, the investment has drawn criticism from various quarters, particularly regarding Saudi Arabia’s human rights record. Critics argue that high-profile investments like these may serve as a means for the kingdom to improve its global image while diverting attention from its controversial domestic policies.

Despite these concerns, the partnership between PIF and Central Group marks a new chapter for Selfridges, offering hope for the department store’s revival in a challenging retail landscape. As both parties work to accelerate the brand’s growth, the retail industry will be closely watching how this collaboration unfolds and whether it can restore Selfridges to its former glory while navigating the complexities of modern consumer expectations.

Boeing’s UK operations, including its sole European manufacturing facility in Sheffield, are likely to be affected by substantial job cuts as the company confronts ongoing financial challenges. The announcement, made by Boeing’s CEO Kelly Ortberg, comes as the aerospace giant grapples with production delays, worker strikes, and regulatory scrutiny that have compounded its difficulties.

Boeing’s UK workforce is distributed across 30 locations, with roughly half of the employees engaged in defense contracts, which include producing helicopters such as the AH-64E Apache and aircraft like the C-17 Globemaster. The Sheffield site employs around 125 workers responsible for manufacturing wing components for Boeing’s 737 aircraft. Additionally, Boeing Global Services operates maintenance facilities at Gatwick Airport.

During a press conference on Friday, Ortberg highlighted the need for “tough decisions” to restore the company’s competitiveness, indicating that structural changes are essential to navigate these turbulent times. The recent financial strain has been exacerbated by significant events, including a strike involving 33,000 workers in Seattle over pay disputes, which led to production halts and further delays in aircraft deliveries.

Earlier this year, Boeing faced regulatory delays after a door panel incident involving a 737 Max jet, adding to the pressures on its manufacturing capabilities. As part of its restructuring efforts, Boeing has also announced a delay in the launch of its 777X jet until 2026 and plans to cease production of its 767 cargo planes by 2027.

While the exact impact of the job cuts on UK employees remains uncertain, sources suggest that the majority of job losses will likely occur in the US. If Boeing implements proportional cuts, it could potentially affect approximately 400 workers in the UK. However, the company has yet to officially communicate to its UK employees about how they will be impacted by the layoffs.

Boeing’s financial troubles have not only strained its operations but have also led to growing dissatisfaction among airline customers. For example, Ryanair recently downgraded its passenger forecasts due to delays in aircraft deliveries from Boeing. The situation has prompted credit ratings agency S&P to place Boeing on “negative” watch, heightening concerns that the company’s debt could be downgraded to junk status.

As Boeing navigates these challenges, the uncertainty surrounding job security for its UK workforce and the overall health of the aerospace giant remains a pressing concern for employees and stakeholders alike.