Galeria Karstadt Kaufhof has finally found a new owner, which surprisingly turns out to be a former owner as well. Hudson’s Bay owner Richard Baker has today confirmed the acquisition of the German department store group.
Old acquaintance
The American billionaire, who has owned the Hudson’s Bay Company since 2008, is now also buying the insolvent department store group through his investment company NRDC. The rumour was first launched yesterday, but it has been confirmed today by administrator Stefan Denkhaus to German newspaper Handelsblatt.
For Baker, it is an unlikely return to Europe as well as to Galeria. The American previously owned Galeria Karstadt Group through Hudson’s Bay, but gradually withdrew after the chain’s merger with Signa Retail Holdings in 2018. After selling its last Galeria chains to Signa, and failing to takeover Dutch department store chain V&D, Hudson’s Bay closed its last European branch in 2019. Incidentally, current Galeria CEO Olivier Van den Bossche was himself Hudson’s Bay Europe CEO between 2015 and 2017.
Denkhaus had earlier revealed that there were two remaining candidates in the final round of negotiations. He also said that the most likely acquirer has retail experience in Germany and shows interest in at least sixty (of the 92) department stores. However, creditors still have to greenlight the takeover bid on 28 May.
