The second largest German shoe chain, Reno, is allegedly for sale according to several inside sources. The family-owners have apparently asked investment bank Rothschild to look for interested parties.
HR Group currently owns Reno, which also used to be part of the Metro Group. It is Germany's second largest shoe chain, trailing Deichmann, with a 650 million euro yearly turnover and 750 stores. The sale should take place after the summer, with other chains like Leiser and Goertz among the possible buyers. Investment firms may also lodge a bid.
The HR Group consists of Reno and leather company Hamm, which were merged in 2005, but Reno's disappointing results have now prompted a sale. Former Metro manager Siegfried Kaske owns 50 % of HR Group's shares, while the remaining 50 % is controlled by the Hamm family and several other investors.