THE WHAT? Germany’s leading department store chain, Galeria Karstadt Kaufhof, is set for a change of ownership after entering bankruptcy protection for the third time in four years. The company plans to keep most of its stores open as stated by the insolvency administrator, aiming to revitalize the chain amidst ongoing financial struggles.
THE DETAILS A consortium, which includes U.S. private equity firm NRDC Equity Partners and German businessman Bernd Beetz’s BB Kapital SA, is poised to take over Galeria Karstadt Kaufhof. The completion of the acquisition is dependent on the approval of a court in Essen and the chain’s creditors, who will convene on May 28 to discuss the proposal, with financial details yet to be disclosed.
THE WHY? The plan to maintain over 70 of the existing 92 stores is primarily aimed at preserving most of the company’s 12,800 jobs, as reported by the German news agency DPA. At a news conference in Essen, Beetz articulated the new owners’ long-term commitment to invest in and develop the company, highlighting a strategic focus on growth and stability despite economic pressures.
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