The insolvent department store group is looking for a new owner. Now the process has officially begun. Binding confirmations from prospective buyers must be submitted by March 8th.
The search for a new owner for the ailing department store group Galeria Karstadt Kaufhof (GKK) has officially begun. As the company announced, a structured investor process was started with the approval of the provisional insolvency administrator Stefan Denkhaus and the provisional creditors’ committee. Experienced investment banks were brought in for this purpose.
“We primarily address potential investors who have an operational interest in Galeria. Our goal is to find a sustainable solution for the department stores that enables in-depth planning,” says Denkhaus.
Potential interested parties should submit a non-binding declaration of intent for a purchase with a detailed business concept by February 11th. In a second phase, non-binding offers should be submitted by March 8th at the latest.
Galeria filed for insolvency at the Essen district court at the beginning of January. It is the third bankruptcy within three and a half years. The aim is to continue the company. GKK, which is currently part of the also insolvent Signa Group, is looking for a new owner. Discussions have already taken place. Denkhaus had recently stated that there were “more than two” possible interested parties.
Source: Stern
