German retail concern Metro Group has confirmed its intentions to sell its department store branch Kaufhof, including the Belgian Inno branch. It is in talks with several parties, but no official bid has been tabled.
Signa Retail is interested
Metro Group confirmed the news after real estate investor Signa Retail's desire to acquire Kaufhof became known. Signa Retail's Austrian owner Rene Benko would be willing to part with 2.7 billion euro to buy Kaufhof and its 137 German stores. If the deal goes through, the 140 year old chain Kaufhof will probably be merged with Karstadt Warenhaus.
Both chains dominate the German department store branch together, but both have difficulties adapting to the new, online competitors, which is why results in recent years have been rather disappointing.