New owner for Karstadt?

New owner for Karstadt?

German department store chain Karstadt will apparently get a new owner soon as its current owner, Nicolas Berggruen, is thinking about selling his 70% share.

There had been rumours

Real estate company Signa and Israeli business man Beny Steinmetz will apparently become Karstadt's new owners. They would pay a symbolic euro for Berggruen's shares, according to German paper Bild. Berggruen had acquired the onerous chain in 2012, but failed to get it back on track.

 

BSG Group, Steinmetz' company, and Sigma already announced a partnership last year with rumours back in November they would acquire 75.1 % of Karstadt's shares for a symbolic euro, rumours that have now resurfaced.

 

Owner criticism

CEO Eva-Lotte Sjostedt's announced departure has rekindled the rumours. She had only been active as Karstadt's CEO for six months, but she announced her departure last week as she felt owner Berggruen did not support her enough.

 

The owner has been taking some flak from German media and labour unions ever since he purchased the chain as they all feel he has not invested enough in the company.

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