The problems at seafood giant Icelandic Group have deepened with the resignation of chief executive Bjorgolfur Johansson and the shelving of plans to sell operations in Germany and France.
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Icelandic said Johansson, who has been under growing pressure for the company’s failure to improve its balance sheet, would step down next month.
Icelandic had been relying on the sale of its stake in Icelandic Holding Germany, the parent company of processed meals makers Pickenpack, to turn the company around.
Finnbogi A. Baldvinsson, the head of the German holding company, agreed in September to buy the 81% stake and to pay for it with his 20% stake in Icelandic, but the deal fell through.
“The reason for the cancellation can primarily be attributed to the conditions of the international financial markets, which have been especially disadvantageous since the letter of intent was signed,“ Icelandic said.
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By GlobalDataIcelandic, which owns the UK’s Coldwater Seafoods, also supplies meals to UK retailers Marks & Spencer, Tesco and the Iceland chain.
