Thai retail and property conglomerate Central Group has announced the acquisition of the operational business of Magazine zum Globus, which operates luxury department stores in Switzerland. The business was acquired from Rene Benko’s insolvent Signa group, a Bloomberg report said.

This move follows the collapse of Austrian property tycoon Rene Benko's Signa group late last year. Central Group will now fully own all nine Globus stores in Switzerland, whilst the ownership structure of Globus Switzerland's property company will remain unchanged.

Thai retail and property conglomerate Central Group said on Monday it will take full ownership of Magazine zum Globus AG, which operates luxury department stores in Switzerland.The business of all nine Globus stores in Switzerland will come under the sole ownership of Central Group,

Central Group took control of Swiss luxury department store chain Globus from Rene Benko’s insolvent Signa group, the latest transfer from the Austrian financier’s retail unit to the Thai conglomerate.