German department store chain Galeria Karstadt Kaufhof may close up to half of its stores and cut 5,000 jobs in the wake of the coronacrisis. However, the move proves quite controversial, with fears of abuse looming.
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Fashion chains Saks Off 5th and Dress for Less are going to join forces. Both companies are part of the Austrian Signa Group.
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Canadian Hudson’s Bay Company wants to leave Europe and the stock exchange. The Dutch stores are an exception and remain part of the company - for now.
The two German department store chains are reorganising their central services and cutting jobs in the stores, although no outlets will be closed for now. The subsidiaries in the Benelux remain safe for the time being.
There may be an alliance in the making between the two largest German department store chains. Canadian Hudson's Bay, owner of Kaufhof, is in talks with Signa Holding, which acquired Karstadt in 2014.
Investment firm Signa Holding tabled a bid for Kaufhof, Galeria Inno and Galeria Kaufhof’s parent company. It already owns several the other major German department store chain, Karstadt. Kaufhof has sixteen Kaufhof locations in Belgium.