Galeria Karstadt Kaufhof director Miguel Müllenbach has planned numerous discount campaigns for when lockdown regulations ease. Germany’s last department store chain may require additional aid from the state.
Germany's leading department store chain Galeria Karstadt Kaufhof will reportedly close 62 of its 172 stores, putting about 5,000 jobs at risk, as part of a restructuring plan aimed at saving the ailing firm.
German department store chain Galeria Karstadt Kaufhof is seeking protection from creditors to stay afloat, it said on Wednesday, after nationwide store closures to help to contain the spread of the coronavirus.
Metro said that an unsolicited offer by two investors to take over the German retailer substantially undervalues it and advised shareholders on Sunday to hold off on taking action until management comments further.
Hudson’s Bay Co Executive Chairman Richard Baker said on Monday he had teamed up with other shareholders to offer to take the struggling Canadian department store operator private in a $1.3 billion cash deal.
Signa is to become the sole owner of the Germany retail group after acquiring Hudson’s Bay Company’s 49.99% stake. Hudson’s Bay Company will continue to control its Dutch business through a wholly owned subsidiary.