The ailing department store group Galeria Karstadt Kaufhof has received an initial takeover bid for a number of branches. Before Christmas, the company is expecting further offers from several other interested parties, said a spokesman for the retail giant at the request of the German Press Agency.
For reasons of confidentiality, the spokesman did not want to comment on the names of the interested parties and the question of which houses the potential investors were interested in.
However, only offers that are received according to the schedule defined for all interested parties and that “comprise a reliable concept for the continuation of the houses and the necessary financing confirmation” can be considered in the sales process, emphasized the spokesman. Galeria made the data required for the offers confidentially available to interested parties.
The last large German department store group had again sought rescue in a protective shield procedure at the end of October. Galeria boss Miguel Müllenbach said at the time that the branch network, which last comprised 131 department stores, had to “be reduced by at least a third” as part of the protective shield procedure. This means that more than 40 department stores are available.
According to the Galeria spokesman, it has not yet been decided how many and which branches are to be closed. The company is currently in talks with the landlords. In addition to the rent itself, there are also other questions such as a possible reduction in the rental area, energy-related renovations or modernization and construction measures. Whether a location can be retained will also depend heavily on these talks. “We assume that there will be clarity about this in the course of January next year,” said the spokesman.
