Owner for insolvent department stores: Galeria Karstadt goes to US investor
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The former Kaufhof owner Baker takes over the insolvent department store chain. According to a media report, the entrepreneur will be awarded the contract.
Not just letters for sale: Remains in a former branch in Hanau in February Photo: dpa
BERLIN afp | According to a media report, the decision in the bidding war for the insolvent department store chain Galeria Karstadt Kaufhof has been made. The US investor NRDC Equity Partners is expected to win the contract for the remaining 92 department stores, the reported Handelsblatt with reference to negotiating circles. On Monday evening, Stefan Denkhaus, Galeria’s insolvency administrator, informed the creditors’ committee, it said.
The contracts for the purchase of Galeria have not yet been signed, quoted Das Handelsblatt Corporate circles. They should therefore be signed on Tuesday. The final decision on a takeover by a new owner will be made by the creditors’ meeting in May.
NRDC is the investment company of Canadian entrepreneur Richard Baker, who also owns the majority of the department store company Hudson Bay Company (HBC). Baker had previously owned Kaufhof through HBC. In 2019 he sold the German department store subsidiary to René Benko’s Signa Group. Karstadt and Galeria Kaufhof then merged.
The consortium that wants to take over Galeria is said to be loud Handelsblatt also includes the former Kaufhof supervisory board chairman Bernd Beetz.
15,000 employees in 92 department stores
The department store chain Galeria Karstadt Kaufhof filed for bankruptcy in January. This is the third insolvency procedure for the company. From 2020 onwards, Galeria went through insolvency proceedings during the corona pandemic and received state aid. In 2022 it needed further state aid, and a second insolvency procedure followed in 2023. As a result of the financial problems of the owner, the Austrian Signa Group, Galeria got into trouble again.
Galeria operates 92 department stores in Germany and claims to employ more than 15,000 people.
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