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 Breaking News
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 Breaking News
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 Breaking News
Germany's last major department store chain Galeria Karstadt Kaufhof is set to close 16 of its 92 shops, company sources told dpa on Friday. Insolvency administrator Stefan Denkhaus will on Saturday announce a rescue plan for the bankrupt group with details of the locations affected and prospective timetables. Of the approximately 12,800 people employed by the company, 1,400 are set to lose their jobs. Denkhaus recently announced that half of the 900 jobs at the group headquarters in Essen would be cut. Galeria's new owners, a consortium consisting of US private equity firm NRDC and German ent...
DPA Breaking News
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