German department store chain Galeria Karstadt Kaufhof, currently embroiled in debt protection proceedings, has formally started its search for investors. Interested parties should submit their bids soon.
Looking for sustainable solution
In early January, Galeria filed for bankruptcy for the third time in four years to liberate itself from its owner, Austrian real estate group Signa. The group of entrepreneur René Benko is said, among other things, to be undermining the company’s development opportunities by charging excessively high rents.
Now the retailer has formally launched the sale process, according to Lebensmittel Zeitung. Galeria does not want to waste precious time: interested takeover candidates have to submit their first – indicative – offer, with a detailed business plan, by 11 February. After an evaluation, binding offers should then be made by 8 March. Investors with an “operational interest” in Galeria will be given priority. “Our goal is to find a sustainable solution for the department stores”, trustee Stefan Denkhaus said.