Baugur Group

Baugur Group (pronounced [ˈbøyɣʏr] in Icelandic and /ˈbaʊɡər/ in English) was an Icelandic investment company. The group applied for bankruptcy protection in February 2009, after placing its UK arm in administration. In 1989, The Baugur Group was started by the opening of a single 'Bónus' supermarket in Reykjavík by Jón Ásgeir Jóhannesson and his father, Jóhannes Jónsson. The company grew quickly and within three years was operating several supermarkets in Iceland. In 1992, the owners of Hagkaup, the leading domestic retailer, acquired 50% of shares in Bonus. In 1993, Hagkaup and Bónus established a joint purchasing company named Baugur. Hagkaup was established over 50 years ago and, as a retailing pioneer, opened both supermarkets and...