Galeria sale down to last two candidates

German department store chain Galeria Karstadt Kaufhof has started the final round of the takeover process with two remaining candidates. Administrator Stefan Denkhaus hopes to finalise a deal as early as next month.

Down to two

Having received four binding takeover bids, Galeria Karstadt Kaufhof is now entering the final negotiation phase with two interested – but as of yet still unknown – parties. Both remaining takeover candidates are said to have experience in German retail and to be willing to buy more than sixty stores. This would be the preferred option of both the administrator and Galeria CEO Olivier van den Bossche, Zeit Online reports.

In early January, Galeria filed for bankruptcy after the collapse of property holding company Signa and its ‘flamboyant’ owner René Benko. For Belgian subsidiary Inno, a separate sale procedure remains ongoing.