galeria
Major German department store chain Galeria Karstadt Kaufhof has avoided insolvency as creditors approved a plan to reorganize the ailing business, insolvency administrator Stefan Denkhaus announced on Tuesday. The insolvency proceedings are thus formally close to being finalized. The district court in Essen, where the company's headquarters are located, can open the proceedings in June. Galeria's new owners, a consortium consisting of US private equity firm NRDC and German entrepreneur Bernd Beetz's BB Kapital SA, face a difficult task in improving the fortunes of a business undergoing its th...
DPA International
Major German department store chain Galeria Karstadt Kaufhof has avoided insolvency as creditors approved a plan to reorganize the ailing business, insolvency administrator Stefan Denkhaus announced on Tuesday. The insolvency proceedings are thus formally close to being finalized. The district court in Essen, where the company's headquarters are located, can open the proceedings in June. Galeria's new owners, a consortium consisting of US private equity firm NRDC and German entrepreneur Bernd Beetz's BB Kapital SA, face a difficult task in improving the fortunes of a business undergoing its th...
DPA International
The consortium planning to take over Germany's bankrupt Galeria Karstadt Kaufhof chain of department stores is to invest up to €100 million ($108 million) over the next three years, dpa learned on Friday. Current insolvency plans include the shuttering of 16 of the chain's 92 outlets. The consortium, comprising US private equity firm NRDC and German entrepreneur Bernd Beetz's BB Kapital SA, has taken on restructuring a business undergoing its third bankruptcy in the last three and a half years. They have to date not stated how much they are prepared to invest to rescue the chain, the last majo...
DPA International
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